BMO Research has updated company Q3/11 earnings forecasts to reflect the average uranium spot price for the quarter. In addition, BMO presents a review of the WNA Market Outlook relative to BMO’s forecasts. Q3/11 earnings estimates for the uranium producers are reduced by an average of ~10% as a result of the uranium price for the quarter coming in at ~US$53/lb, 14% lower than BMO’s forecast. The WNA Market Outlook forecasts uranium demand to continue to grow despite Fukushima. Despite some small differences, the WNA’s outlook broadly supports BMO’s supply/demand outlook. Uranium One remains BMO’s top pick uranium producer due to its growth profile and valuation. In addition, the earnings protection provided by Cameco’s contract book remains appealing in BMO’s view.