News Detail

BUZZ-Arcadium Lithium gains after Raymond James upgrades to 'strong buy'

Reuters · 04/03 14:35

Listen to the news

BUZZ-Arcadium Lithium gains after Raymond James upgrades to 'strong buy'

Updates

** Shares of lithium mining firm Arcadium Lithium ALTM.N up 6.4% at $4.4

** Brokerage Raymond James (PT:$9) upgrades stock rating to "strong buy" from "outperform"

** Spot lithium prices have stabilized following a steep drop, and post-merger cost synergies are taking center-stage - Brokerage

** Cost synergies are targeted at $125 mln per year by 2027, one-time capital spend savings of $200 mln expected and there should be asset optimization and logistics/procurement benefits from merger - Raymond James

** "Capacity expansion points to 2024 volumes posting healthy growth as the year progresses" - brokerage

** 11 of 18 brokerages rate the stock "buy", 6 "hold" and 1 "sell"; their median PT is $7 - LSEG data

** I session's gains, ALTM stock has fallen ~39% since its Jan 4 debut following the completion of the Livent-Alkem merger

(Reporting by Kabir Dweit)

((Kabir.Dweit@thomsonreuters.com;))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.

What's Trending

No content on the Webull website shall be considered a recommendation or solicitation for the purchase or sale of securities, options or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.