B. Riley analyst Matthew Key lowered the firm’s price target on Piedmont Lithium to $20 from $26 and keeps a Buy rating on the shares following the Q2 report. The firm removed Tennessee from its net asset value valuation since Piedmont now plans to move the proposed capacity at Tennessee Lithium to Carolina Lithium. The analyst says this is the right move for the company since North Carolina offers stronger economics due to the integrated spodumene mine, and that there could be capex and technical efficiencies from combining the projects.
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