That's more than double the current price of around C$2.03.
The broker recently went on a site visit to the White Mesa uranium mill, and said people on the tour were happy to have White Mesa around and were appreciative of the future potential for the site.
"While management feared that protesters may join the event, we did not notice anyone rallying against the mill, said analyst Heiko F Ihle in a note.
The analyst also noted that given the long operational history and proximity to a variety of towns, the site unsurprisingly had access to water, electricity, internet and a skilled labor force.
"In conclusion, we walked away from the trip with a better understanding of Energy Fuels’ continued push to mill uranium in the United States," he added.
The broker's target price is based on a DCF (discounted cashflow) of operations, using an 8% discount rate across the firm’s assets.
"Due to continued weak spot uranium prices, we expect a deliberate drop in production to 650,000 pounds in 2017," said Ihle.
"We note that this is sufficient to meet higher-priced, long-term contractual obligations for the year. Although the uranium price environment has remained depressed, we feel that Energy Fuels has accumulated a strong combination of both conventional and ISR projects, and that this portfolio of assets should provide investors with strong leverage to an increasing uranium price environment going forward."
Energy has the White Mesa conventional mill in Utah, which has a licensed capacity of over 8mln pounds of U308 a year, providing good potential to scale up output. It also has the Canyon mine in Arizona.
It also owns the Nichols Ranch ISR (in situ recovery) project in Wyoming and ISR assets in Texas that are collectively named Alta Mesa.
Shares were unchanged at C$2.04.