BMO Capital raised the firm’s price target on Piedmont Lithium (PLL) to $14 from $9.50 and keeps a Market Perform rating on the shares following the announced merger with Sayona. The firm views the deal “positively” as it simplifies the NAL ownership/offtake structure, provides a path forward for potential brownfield expansion at NAL, and creates a larger-scale multi-asset company, the analyst tells investors. Given the interconnectedness of the NAL joint venture and offtake structure, Sayona and Piedmont are “the logical parties to consolidate the asset” and the firm views “potential interloper risk as low,” the analyst added.
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Read More on PLL:
- Sayona Mining upgraded to Neutral from Underperform at Macquarie
- Piedmont Lithium upgraded to Neutral from Underperform at Macquarie
- Piedmont Lithium downgraded to Neutral from Buy at Roth MKM
- Piedmont Lithium, Sayona Mining to combine
- Piedmont Lithium trading halted, news pending
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
