Macquarie hikes PT on Australia's Allkem on first lithium output in Argentina

Allkem

19/07/2023 05:34

** Macquarie raises PT on Allkem  AKE.AX  to A$19.10 from
A$17.40 after co delivers first lithium output at Olaroz Stage 2
in Argentina
    ** Shares of Allkem climb 0.4% at A$16.67, but trading
little changed at A$16.48 as of 0430 GMT
    ** Co on Tuesday said Stage II development at Olaroz
facility achieved first production of wet lithium carbonate cake
    ** While co expects stage 2 ramp-up to take 12-18 months, we
maintain our ~18-month production ramp-up forecast - Macquarie
    ** Brokerage maintains an "outperform" rating on stock
 ** 12 analysts rate stock "buy" or higher, 6 "hold" and 1
"sell"; their median PT is A$16.85 – Refinitiv data
    ** Stock up 46.3% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))