Scotiabank Cuts Lithium Americas (Argentina) (NYSE:LAR) Price Target to $10.00

Key Points

• Scotiabank lowered Lithium Americas (Argentina)’s price target from $11 to $10 while maintaining a “sector outperform” rating, implying approximately 81% upside from the reported $5.53 share price.
• The stock fell 6% in Tuesday trading to $5.53, well below its 50-day and 200-day moving averages of $8.36 and $8.06, respectively. The company also missed quarterly earnings expectations, reporting $0.05 per share versus the $0.12 consensus estimate.
• Analyst sentiment remains mixed: MarketBeat lists an overall “Moderate Buy” rating and an average price target of $7.99, while recent firms issued both bullish and bearish assessments. Institutional investors and hedge funds own approximately 49.17% of the company.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) had its target price reduced by stock analysts at Scotiabank from $11.00 to $10.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's price objective suggests a potential upside of 81.00% from the company's current price.

Several other brokerages have also recently weighed in on LAR. Zacks Research cut shares of Lithium Americas (Argentina) from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lithium Americas (Argentina) in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $7.99.

Lithium Americas (Argentina) Trading Down 6.0%

Shares of Lithium Americas (Argentina) stock traded down $0.35 during trading on Tuesday, hitting $5.53. 665,559 shares of the stock traded hands, compared to its average volume of 2,908,873. The firm has a market cap of $905.00 million and a P/E ratio of -14.54. Lithium Americas has a 52-week low of $2.52 and a 52-week high of $12.05. The stock's fifty day simple moving average is $8.36 and its 200 day simple moving average is $8.06.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.07). As a group, equities analysts expect that Lithium Americas will post 0.28 EPS for the current year.

Institutional Trading of Lithium Americas (Argentina)

A number of institutional investors have recently made changes to their positions in the business. Seldon Capital LP acquired a new position in shares of Lithium Americas (Argentina) during the third quarter valued at about $6,076,000. Millennium Management LLC boosted its stake in Lithium Americas (Argentina) by 441.1% in the 4th quarter. Millennium Management LLC now owns 2,200,722 shares of the company's stock worth $12,281,000 after purchasing an additional 1,793,994 shares in the last quarter. Woodline Partners LP purchased a new stake in Lithium Americas (Argentina) during the 1st quarter worth approximately $3,456,000. Balyasny Asset Management L.P. purchased a new stake in Lithium Americas (Argentina) during the 4th quarter worth approximately $5,423,000. Finally, ABN Amro Investment Solutions acquired a new position in Lithium Americas (Argentina) during the 1st quarter valued at approximately $6,335,000. Institutional investors and hedge funds own 49.17% of the company's stock.

Lithium Americas (Argentina) Company Profile

Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.

The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot‐scale evaporation ponds have demonstrated favorable lithium concentrations.

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