Piedmont Lithium falls as JPM downgrades to 'underweight', cuts PT

Piedmont Lithium

21/10/2024 13:16

** Miner Piedmont Lithium's  PLL.O  shares down 5.6% to
$10.95 premarket
    ** J.P.Morgan downgrades company's shares to "underweight"
from "neutral", cuts PT to $8 from $9
    ** New PT represents 31% downside to stock's last close
    ** "Despite cash cost improvements, we still see spodumene
pricing breaching the $800/t level as a structural challenge to
Piedmont's earnings and cash balance in the near-term" -
brokerage
    ** 4 of 9 brokerages rate the stock "buy", 3 "hold" and 2
"sell"; median PT $16 - LSEG
    ** As of last close, shares down 58.9% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal))