Australian rare earths miner Lynas gains as Morgan Stanley ups PT

Australian Rare Earths

28/05/2024 03:31

** Shares of Australia's Lynas Rare Earths  LYC.AX  rise as
much as 1% to A$6.78, set for biggest intraday gain since May 20
    ** Analysts at Morgan Stanley raise PT on the world's
largest rare earths miner outside of China to A$5.35 from A$5.20
    ** Brokerage says a further expansion of co's Mt Weld mine
is the most likely way to unlock spare cracking and leaching
    ** LYC is currently one of the worlds lowest cost producers
and brokerage thinks expansion at Mt Weld would likely be the
most cost effective ways of adding ore 
    ** 10 of 15 analysts rate the stock "buy" or higher, one
"hold" and four "sell" or lower; their median PT is A$7.20 –
LSEG data
    ** Stock has fallen 6.3% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))