Lithium Americas (Argentina) (TSE:LAR) Given New C$17.75 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised its price target on Lithium Americas (Argentina) to C$17.75 (from C$17.50) and maintained a "buy" rating, implying about a 80.57% upside from the current price.
• Other brokers also upgraded the stock—Scotiabank and HSBC to "strong-buy" and TD raised its target to C$9—leaving an average analyst rating of Strong Buy and an average target of C$13.38.
• The stock rallied roughly 14.4% to C$9.83 on heavy volume, while insiders Ignacio Celorrio and Daniel Cherniak sold sizeable stakes in late January, materially reducing their holdings.

Lithium Americas (Argentina) (TSE:LAR - Get Free Report) had its target price hoisted by investment analysts at Canaccord Genuity Group from C$17.50 to C$17.75 in a research report issued on Tuesday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 80.57% from the company's current price.

Several other equities analysts also recently weighed in on LAR. Scotiabank raised Lithium Americas (Argentina) from a "hold" rating to a "strong-buy" rating in a report on Monday, January 12th. HSBC raised Lithium Americas (Argentina) to a "strong-buy" rating in a research note on Monday, January 19th. Finally, TD Securities lifted their price objective on Lithium Americas (Argentina) from C$7.00 to C$9.00 and gave the company a "buy" rating in a research report on Tuesday. Three analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Strong Buy" and an average target price of C$13.38.

Lithium Americas (Argentina) Trading Up 14.4%

LAR stock traded up C$1.24 during midday trading on Tuesday, reaching C$9.83. 506,699 shares of the company's stock traded hands, compared to its average volume of 313,993. Lithium Americas has a 52-week low of C$2.36 and a 52-week high of C$12.03. The stock has a market cap of C$1.60 billion, a P/E ratio of -19.66 and a beta of 1.74. The stock's 50-day moving average is C$9.94 and its 200 day moving average is C$7.68.

Lithium Americas (Argentina) (TSE:LAR - Get Free Report) last issued its quarterly earnings results on Monday, March 23rd. The company reported C$0.01 earnings per share for the quarter.

Insider Buying and Selling

In other news, insider Ignacio Celorrio sold 50,453 shares of Lithium Americas (Argentina) stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of C$10.11, for a total transaction of C$510,079.83. Following the sale, the insider owned 324,110 shares in the company, valued at C$3,276,752.10. This trade represents a 13.47% decrease in their ownership of the stock. Also, insider Daniel Cherniak sold 30,977 shares of the business's stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of C$10.57, for a total transaction of C$327,426.89. Following the completion of the transaction, the insider directly owned 24,754 shares in the company, valued at C$261,649.78. This trade represents a 55.58% decrease in their position.

Lithium Americas (Argentina) Company Profile

Lithium Argentina is an emerging producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng operates the Cauchari-Olaroz lithium brine operation in the Jujuy province of Argentina and advancing the PPG Project in the Salta province of Argentina. Lithium Argentina currently trades on the Toronto Stock Exchange (' TSX ') and the New York Stock Exchange (' NYSE ') under the ticker 'LAR'.

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