Scotiabank Reaffirms "Sector Perform" Rating for Lithium Americas (Argentina) (NYSE:LAR)

Key Points

• Scotiabank has reaffirmed its "sector perform" rating for Lithium Americas (Argentina) (NYSE:LAR) and raised the price target from $3.00 to $3.50, which indicates a potential downside from the previous close.
• Other analysts have also upgraded their ratings, with BMO Capital Markets increasing their target price to $4.00 and National Bankshares raising theirs to $4.50.
• In the first quarter, several institutional investors significantly increased their positions in Lithium Americas, with 49.17% of the stock now owned by institutional investors.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report)'s stock had its "sector perform" rating restated by equities researchers at Scotiabank in a research report issued on Wednesday,Benzinga reports. They presently have a $3.50 price target on the stock, up from their previous price target of $3.00. Scotiabank's price objective would indicate a potential downside of 5.41% from the company's previous close.

A number of other research analysts also recently weighed in on the stock. BMO Capital Markets raised their target price on shares of Lithium Americas (Argentina) from $2.50 to $4.00 and gave the company a "market perform" rating in a research report on Tuesday. National Bankshares raised shares of Lithium Americas (Argentina) from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $2.90 to $4.50 in a research report on Tuesday. Finally, National Bank Financial upgraded shares of Lithium Americas (Argentina) from a "hold" rating to a "strong-buy" rating in a research note on Monday.

Lithium Americas (Argentina) Price Performance

Shares of NYSE LAR opened at $3.70 on Wednesday. The firm has a 50 day simple moving average of $2.43. Lithium Americas has a fifty-two week low of $1.71 and a fifty-two week high of $3.96. The firm has a market capitalization of $599.03 million and a price-to-earnings ratio of -52.85.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Equities research analysts anticipate that Lithium Americas will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas (Argentina)

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Lithium Americas (Argentina) during the first quarter worth about $9,308,000. Hancock Prospecting Pty Ltd purchased a new stake in shares of Lithium Americas (Argentina) in the first quarter worth about $5,368,000. CenterBook Partners LP purchased a new stake in Lithium Americas (Argentina) in the first quarter valued at approximately $4,613,000. Woodline Partners LP purchased a new position in shares of Lithium Americas (Argentina) during the first quarter worth approximately $3,456,000. Finally, Invesco Ltd. bought a new stake in Lithium Americas (Argentina) in the first quarter valued at $3,307,000. 49.17% of the stock is owned by institutional investors.

About Lithium Americas (Argentina)

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.

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