Baird downgraded 5E Advanced Metals to Neutral from Outperform with a price target of $3, down from $4. The company’s fiscal Q1 results which were highlighted by additional risk related to the debt covenant with its convertible debt holder, the analyst tells investors in a research note. The firm believes 5E has alternative sources of capital it can access, but says in the current interest rate environment it looks for improved balance sheet health to become more constructive on the shares.
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