From FNArena ----Credit Suisse rates PLS as Upgrade to Neutral...

From FNArena ----

Credit Suisserates PLS asUpgrade to Neutral from Underperform(3) -

Credit Suisse has upgraded its spot lithium forecasts.

When applied to Pilbarra, and after rejigging the company's production profile to align with recent downgraded guidance, the broker raises the target price to $3.95 from $2.05.

Rating upgraded to Neutral from Underperform, the broker wary of the gap between its share price and EV momentum estimates, and prefers Allkem ((AKE)) and IGO ((IGO)) in the sector.

Target price is$3.95Current Price is$3.72Difference:$0.23
IfPLSmeets the Credit Suisse target it will return approximately6%(excluding dividends, fees and charges).

Current consensus price target is$3.54, suggesting downside of-5.4%(ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Credit Suisse forecasts a full yearFY22dividend of8.43cents and EPS of17.01cents. At the last closing share price the estimated dividend yield is2.27%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is21.87. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is16.9, implying annual growth ofN/A. Current consensus DPS estimate is2.9, implying a prospective dividend yield of0.8%. Current consensus EPS estimate suggests the PER is22.1.

Forecast for FY23:

Credit Suisse forecasts a full yearFY23dividend of22.86cents and EPS of45.71cents. At the last closing share price the estimated dividend yield is6.15%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is8.14. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is30.8, implying annual growth of82.2%. Current consensus DPS estimate is7.7, implying a prospective dividend yield of2.1%. Current consensus EPS estimate suggests the PER is12.1.