Piedmont Lithium price target lowered to $57 from $95 at B. Riley

B. Riley lowered the firm’s price target on Piedmont Lithium to $57 from $95 and keeps a Buy rating on the shares. The analyst updated valuations for the firm’s battery materials coverage to better account for the high volatility and increased cost of capital across the industry. Price targets were reduced due to increased project discount rates, the analyst tells investors in a research note. Riley also provided an updated outlook for lithium pricing, which it says has come under significant pressure over the past several months due to slower than expected demand growth. The firm maintained its long-term lithium price of $20,000/Mt, but reduced its near-term price deck for both lithium and spodumene to better account for the current weakness.