BMO Capital lowered the firm’s price target on Piedmont Lithium to $8.50 from $15 and keeps a Market Perform rating on the shares. Yesterday, Reuters reported that Piedmont Lithium has pulled its application for a debt package from a U.S. government loan program and is scaling back its expansion plans across two continents while also stating that the company has not yet applied for the necessary Carolina zoning variance and that county commissioners will not consider any changes until 2025 at the earliest, the analyst tells investors in a research note. BMO is adjusting its model with the assumption that the DOE loan application is shelved and the Carolina timeline is likely delayed, also cutting its FY24 EPS view to ($2.12) from ($1.53) and its FY25 view to (24c) from 44c.
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