Australian lithium miners slump; Citi cuts PTs on US tariff concerns

Pls

09/04/2025 02:03

Updates

** Shares of lithium miners Pilbara Minerals PLS.AX and IGO IGO.AX fall 6.4% and 3.6%, respectively

** Mineral Resources MIN.AX slump 12% to A$14.41 to hit its lowest level since late March 2020

** MIN among the top losers in the benchmark index .AXJO

** Citi cuts PT for PLS to A$1.65 from A$2.40, cuts IGO to A$4.0 from A$5.30, cuts MIN to A$20

** Citi cuts price targets for Australian lithium miners as U.S. reciprocal tariffs are expected to be a headwind for demand

** However, Citi hikes rating for PLS and IGO to "buy" from "neutral", selects PLS as the top pick among lithium cos

** MIN stock down ~58% this year, including the day's moves while PLS and IGO decline ~41% and ~33%, respectively

 (Reporting by John Biju in Bengaluru)

 ((John.Biju@thomsonreuters.com))