FEAM 16:13 04/07/22 5E Advanced Metals initiated with a Buy at DA Davidson DA Davidson analyst Matt Summerville initiated coverage of 5E Advanced Metals with a Buy rating and $30 price target. The company is slated to begin ramping a small-scale boron facility by year-end 2022, eventually scaling to 250K/500K short TPY of boric acid run-rate output, the analyst tells investors in a research note. Currently, the boron market is dominated by duopolistic upstream supply and China downstream processing for advanced materials used in decarbonization, with supply/demand dynamics favoring upward risk to underlying commodity pricing, Summerville adds.
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