JPMorgan downgraded Piedmont Lithium (PLL) to Underweight from Neutral with a price target of $8, down from $9. While lithium prices have likely found a bottom and 2025 could prove to be balanced from a supply/demand perspective, the following years could revert to surpluses, the analyst tells investors in a research note. Hence, the firm remains cautious on lithium fundamentals over the next few years before expected deficits exiting the decade. The downgrade of Piedmont Lithium reflects expectations that weak lithium prices will continue to pressure earnings for the next several years.
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