Pilbara Minerals has shipped 33,700t of spodumene concentrate in the March quarter, a flat outcome on the prior quarter.
Still, the flat performance quarter on quarter could be considered a positive, in Macquarie’s view, given the weakness in the seaborne market.
The broker suspects the pricing impacts of the pandemic could be more acutely felt in the June quarter, despite a return to production by Chinese battery manufacturers.
Underperform rating and target reduced to $0.10 from $0.21.
Sector: Materials.
Target price is $0.10.Current Price is $0.21. Difference: ($0.11) – (brackets indicate current price is over target). If PLS meets the Macquarie target it will return approximately -110% (excluding dividends, fees and charges – negative figures indicate an expected loss).
