Citi increases PT for Australia's Lynas Rare Earths

Ionic Rare Earths

31/07/2023 22:31

** Analysts at Citi increases target price for rare earths
co Lynas Rare Earths  LYC.AX  to A$7.60 from A$7.60 after co's
Q4 production results 
    ** Co posts Neodymium-Praseodymium Oxide production of 1,864
metric tonnes in Q4FY23, beating Citi estimates of 1,700 tonnes 
    ** Citi says average selling price of co's product range
came in at A$38.9 per kilogram, which was 8% higher than Citi
estimate 
    ** Brokerage expects finished goods inventory build to
offset reduction in Q3FY24 production, while co's Kalgoorlie
operations ramp up 
    ** 9 of 12 analysts rate the stock "buy" or higher, and 3
"hold"; their median PT is A$8.55 - Refinitiv Data
    ** Shares of co are down 14.3% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))