BTIG lowered the firm’s price target on Piedmont Lithium to $55 from $85 and keeps a Buy rating on the shares. The company’s Q3 results showed first revenue of $47M on shipments of about 29kt of spodumene from North American Lithium in Canada with the company on track to hit its FY2023 delivery target of 56.5kt. Despite deliveries moving Piedmont Lithium from an exploration upstart to a North American revenue-generating battery metals miner however, the stock is down about 36% this year, which is in line with other lithium miners as lithium prices have fallen, the firm adds.
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