Scotiabank downgrades Lithium Americas to sell, says take profits

Scotiabank downgraded Lithium Americas (LAC) to Underperform from Sector Perform with a price target of $5, up from $2.75. Underperform is the firm’s sell rating equivalent. Scotiabank says it can no longer support Lithium Americas’ valuation with the shares up 200% over the past two weeks. The analyst tells investors investors to take profits and “reload at lower levels.”