Citi sees potential capital raising for Australia's 29Metals; trims PT

29Metals

11/03/2024 18:23

** Analysts at Citi expect 29Metals  29M.AX  to undertake an
equity raise to counter liquidity concerns
    ** Brokerage cuts its price target on the copper miner from
A$0.500 to A$0.450
    ** Citi sees an A$80 mln ($52.85 mln) equity raise for 29M
in H1 2024
    ** Two of 10 analysts rate the stock "buy" or higher, six
"hold" and two "sell" or lower; their median PT is A$0.46 – LSEG
data
    ** Stock down 10.5% YTD, as of last close

($1 = 1.5138 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))