DA Davidson lowered the firm’s price target on 5E Advanced Metals to $10 from $25 and keeps a Buy rating on the shares. The analyst cites the company’s recent FY23 update while “re-cadencing” its revenue and EBITDA run rate projections to reflect 5E’s phased approach with respect to the go-forward buildout beyond SSBF commissioning for its Fort Cady boron/lithium carbonate complex. The firm’s price target cut also reflects a combination of compression in multiples within the EV Specialty Materials space and a more prolonged capacitization process associated with the Fort Cady buildout, the analyst adds.
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