Bell Potter remains cautious on Australia's Latin Resources

Latin Resources

08/12/2023 03:06

** Analysts at Bell Potter see Latin Resources  LRS.AX  as a
project development company with prospective operations and cash
flows only; assume a "speculative" risk rating
    ** Brokerage marginally decreases valuation to A$0.46/shr
from A$0.47/shr; maintains "Buy" recommendation
    ** The diversified miner on Wednesday said drilling results
at offshore project in Brazil showed significant increase to
lithium deposits
    ** Brokerage says regional exploration of project provides
further potential upside; however, sees reduced exploration
value in line with recent equity market weakness
    ** Analysts see overall risks in future earnings due to
fluctuations in underlying commodity prices and foreign currency
exchange rates
    ** Shares of LRS are up 21.6%, at their highest level since
Nov. 16 and on track for best day since Aug. 24, 2022
        ** Stock up 88.8% YTD as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))