Analysts cut PT on Australia's Core Lithium on lacklustre outlook

Core Lithium

25/07/2023 04:06

(Updates with Macquarie comments)
    ** Shares of Core Lithium  CXO.AX  extend losses, slide as
much as 14.6% to A$0.615 
    ** Stock top loser in the benchmark ASX 200 index  .AXJO 
    ** CXO on Monday posted a more than four-fold jump in Q4
spodumene production from Q3 levels
    ** Co, however, flagged production in FY25 likely to be
below FY24
    ** CXO set for worst day since Jan 10, 2022, if current
losses hold
    ** Citi cuts price target to A$0.5 from A$0.80, maintains
"sell" rating
    ** Analysts at brokerage Macquarie cut price target to
A$0.90 from A$1.20 
        ** Macquarie says FY25 outlook by co was 'disappointing'
    ** Stock down 29.8% this year, as of last close 
    
    ($1 = 1.4861 Australian dollars)

 (Reporting by Navya Mittal and Rishav Chatterjee in Bengaluru)
 ((navya.mittal@thomsonreuters.com))