Morgan Stanley analyst Rahul Anand upgraded IGO Limited (IPGDF) to Equal Weight from Underweight with a price target of A$3.50, down from A$3.85, as part of a broader research note on Australia materials. The company offers diversified exposure to clean energy metals, but while the firm sees value in this theme, it also believes that this is accounted for in the current stock price, the analyst tells investors in a research note. Several key risk factors remain, including higher capex, slower ramp-up at Kwinana, pricing issues and related volume build at Greenbushes, the firm adds.
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