Electra Battery Materials price target lowered to $2.20 from $2.40 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle lowered the firm’s price target on Electra Battery Materials (ELBM) to $2.20 from $2.40 and keeps a Buy rating on the shares following the recent announcement that a feasibility level engineering study covering the construction of a modular battery recycling facility has been completed. The firm expects this facility to recover lithium, nickel, cobalt, manganese, and graphite from lithium-ion battery manufacturing scrap and end-of-life batteries while using Electra’s proprietary hydrometallurgical process, the analyst tells investors in a research note.