Provisional June quarter sales indicate lithium carbonate pricing has fallen to a record low of US$4015/t. Volumes are also weak.
Credit Suisse notes the industry was already in difficulties prior to the pandemic. This is now exacerbated by the disruption to supply chain logistics and end-user demand.
Rating is downgraded to Neutral from Outperform. Target is steady at $2.50.
Sector: Materials.
Target price is $2.50.Current Price is $2.51. Difference: ($0.01) – (brackets indicate current price is over target). If ORE meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
