Citi analyst Kate McCutcheon cuts Pilbara Minerals to Sell from Neutral with an unchanged target price of $3.90 and opens a "downside 30-day catalyst watch" on downside risk to consensus estimates for 4Q results in late January."Pilbara Minerals has benefited from the pickup in GFEX futures and dovish Fed comments (but) we now look to reposition ahead of the DecQ results due late January against a backdrop of expected weaker momentum in battery production demand," McCutcheon says.On her estimates, Pilbara Minerals shares imply a US$1,675 tonne for spodumene versus US$1,000-1,200 a tonne spot pricing. "We would look to revisit our recommendation into any pullback noting PLS, in our view, is the best operationally vs peers and the most leveraged to pricing," she adds.PLS last $3.97.
Citi must be Shorting.
Citi analyst Kate McCutcheon cuts Pilbara Minerals to Sell from...
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Last
$3.00 |
Change
0.015(0.50%) |
Mkt cap ! $8.759B | |||
| Open | High | Low | Value | Volume |
| $2.93 | $3.01 | $2.89 | $60.55M | 20.28M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 20 | 164351 | $2.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.00 | 293515 | 43 |
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| Last trade - 13.11pm 19/07/2024 (20 minute delay) ? |
| PLS (ASX) Chart |