JPMorgan initiated coverage of Lithium Americas with a Neutral rating and $7 price target. The analyst sees a “muted” near- and mid-term lithium outlook as supply outpaces demand likely well into the back half of the decade. With the likelihood of a challenged pricing environment over the next few years, low-cost extraction and downstream converting will be key for competitiveness of North America suppliers, the analyst tells investors in a research note. Taking into account a cautious global fundamental view for lithium, offset by policy support and the need for supply security, the firm starts the stock at Neutral.
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