Australia's Iluka Resources extend losses; Citi trims PT

Iluka Resources

23/01/2025 24:24

** Shares of Iluka Resources  ILU.AX  fall 2.6% to A$4.82
    ** Stock fell as much as 4.2% to A$4.74 in early trade, its
lowest level since Dec 20
    ** Rare earths miner posted below-par quarterly production
on Wednesday
    ** Citi cuts earnings by 38% and 24% for full-years 2025 and
2026, respectively, as lower sales and higher costs bite
    ** Brokerage trims price target to A$5.7 from A$6.1,
downgrades rating to "neutral/high risk"
    ** We downgrade our rating due to deteriorating Mineral
Sands business and valuation uncertainty around Rare Earths
refinery — Citi
    ** Iluka down 5.4% YTD, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))