PLS – Macquarie rates the stock as Underperform

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While production and shipments were solid in the first quarter Pilbara Minerals has pointed out prices remain weak

Pricing reflects lower demand across the entire lithium supply chain but the company has noted that demand conditions are recovering and buying activity has improved.

Macquarie incorporates the result and lowers FY21 estimates for earnings per share by -9%, retaining an Underperform rating and $0.27 target.

Sector: Materials.

Target price is $0.27.Current Price is $0.38. Difference: ($0.11) – (brackets indicate current price is over target). If PLS meets the Macquarie target it will return approximately -41% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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