Alliance Global raised the firm’s price target on American Battery (ABAT) to $7 from $6 and keeps a Buy rating on the shares following the fiscal Q1 report. The firm believes the company is positioned as an emerging critical minerals supplier in the U.S. given that its battery recycling operations are “ramping” while the “de-risking” of Tonopah Flats continues. The pre-feasibility study indicates Tonopah Flats is one of the largest undeveloped lithium projects in the United States that has the potential to serve as a key source of domestic supply in the coming years, the analyst tells investors in a research note.
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