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<Research>Jefferies Lowers TPs for GANFENGLITHIUM/ TIANQI LITHIUM, Both Rated Underperform
Recommend 5 Positive 16 Negative 8 |
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In the short term, the lithium market will become more normal, with stabilized prices making less significant impact on inventory, Jefferies issued a research report saying. Spodumene prices adjusted more frequently, and high-cost concentrates are digested. Jefferies lowered its FY2024 earnings Forecasts for TIANQI LITHIUM (09696.HK)/ GANFENGLITHIUM (01772.HK) by 208%/ 58% to reflect the weak 1Q24 performance. Jefferies believed that these two stocks are specialized chemical companies, instead of pure miners, and may be valued at higher multiples at cycle trough. Jefferies rated TIANQI LITHIUM at Underperform, and chopped its target price from $32 to $24.4. The broker also cut its target price for GANFENGLITHIUM from $17.33 to $17, with rating Underperform. AAStocks Financial News |
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