Atlas Lithium price target lowered to $55 from $75 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Atlas Lithium to $55 from $75 and keeps a Buy rating on the shares. The company recently announced a strategic investment and offtake agreement with Mitsui, which should aid in fast tracking the development of its Minas Gerais Lithium Project in Brazil, the analyst tells investors in a research note. The firm updated its model to reflect the dilution incurred from the Mitsui equity investment and an update to its near-term and medium-term lithium price deck. However, it continues to believe Atlas Lithium trades at a discount and “is primed for a re-rating in the coming quarters.”