Jarden downgrades 29Metals to 'neutral' on liquidity concerns

29Metals

08/03/2024 04:55

** Jarden downgrades Australia's 29Metals  29M.AX  to
"neutral" rating from "overweight" over concerns regarding
potential "liquidity squeeze" later in CY24
    ** Maintains price target of A$0.38
    ** Brokerage keeps its financial forecasts for co unchanged
    ** Jarden says, James Palmer, 29M's newly appointed CEO, is
a "strong" fit for the role due to his experience
    ** Says at spot commodity prices, it forecasts entire cash
balance to be exhausted by end of CY24
    ** 2 of 10 analysts rate the stock "buy" or higher, 6 "hold"
and 2 "sell" or lower; their median PT is A$0.46 – LSEG data
    ** Stock is down 36.4% this year, as of last close

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))