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<Research Report>JPM Downrates GANFENGLITHIUM (01772.HK) to Neutral and Cuts TP to $50
Recommend 14 Positive 27 Negative 18 2023/03/29 10:45
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JPMorgan downgraded GANFENGLITHIUM (01772.HK) from Overweight to Neutral and slashed its target price massively from $130 to $50 in a recent report. JPMorgan reported that lithium prices in the mainland have fallen more than 30% so far this year, with faster pace than expected, while China automotive team observed that increased inventories of downstream electric vehicle batteries will cause lithium prices to fall more than expected in the second quarter. Thus, spot lithium prices are now expected to fall further in the near term, but the broker continued to expect a supply shortfall beyond this year. Although JPMorgan did not believe that lithium price movement is the only share price driver, it forecast the lithium producer's earnings at 40% below market consensus. AAStocks Financial News |
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