Macquarie cuts price target on Australia's Argosy Minerals

Argosy Minerals

04/08/2023 03:46

** Analysts at Macquarie cut price target on Argosy Minerals
 AGY.AX  to A$0.75 from A$0.80, retains "outperform" rating
    ** Brokerage says the decline in price target reflects
increased equity dilution in our funding assumption for Rincon
project, due to the fall in AGY's share price
    ** Lithium explorer AGY said on Thursday pumping tests at
co's Rincon lithium project confirm that brine can be
economically abstracted from the deep sand aquifer
    ** Test work suggests that the economics of extracting brine
from the black sand aquifer could be better than originally
anticipated - Macquarie
    **  AGY stock trades 5.9% lower 
    ** Two analysts rate the stock "buy" or higher; their median
PT is A$0.80 – Refinitiv data
    ** Stock down 40.4% this year, as of last close

 (Reporting by Aishwarya Nair in Bengaluru)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
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