Canaccord raises PT on Aussie lithium miner Ioneer, lifts rating to 'speculative buy'

Ioneer

11/04/2023 22:22

** Analysts at Canaccord Genuity raise price target on
Australian lithium-boron producer Ioneer  INR.AX  to A$0.45 from
A$0.40; lift rating to "speculative buy" from "hold" 
    ** Brokerage says the co is sheltered from the impact of
softening lithium prices as it is largely funded 
    ** Estimates US$1.2 bln capital expenditure for co's
Rhyolite Ridge project in Nevada
    ** Says there remains risk around execution of final metrics
even after permitting is approved for project
    ** Canaccord says that the market in undervaluing the
US-based largely funded and advanced project
    ** INR jumped most in over two years in January after it was
awarded $700 mln loan for the Rhyolite Ridge project by the U.S.
Energy Department 
    ** Stock has fallen 19.7% this year, as of last close 

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