KeyBanc lowered the firm’s price target on Arcadium Lithium to $12 from $13 and keeps an Overweight rating on the shares. The firm notes Arcadium reset its guidance to market levels providing investors with greater clarity around earnings at varying price scenarios. KeyBanc believes the equity remains mis-priced, trading at about 10-times its 2024 trough EBITDA. The firm remains bullish on Arcadium’s opportunities related to the merger with Allkem.
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