GXY – Morgan Stanley rates the stock as Equal-weight

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Costs disappointed Morgan Stanley in the December quarter, affected by the DMS trials that were called off. 2020 production guidance is lower than previously outlined.

The broker notes industry wide de-stocking is still required, making recent movements in lithium stocks premature. The company did not provide guidance on 2020 shipments, which the broker suspects will be dependent on market demand.

Equal-weight rating retained. Target is $0.95. Industry View: In-Line.

Sector: Materials.

Target price is $0.95.Current Price is $1.11. Difference: ($0.16) – (brackets indicate current price is over target). If GXY meets the Morgan Stanley target it will return approximately -17% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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