Citi upgraded Liontown Resources to Neutral from Sell with an unchanged price target of A$1 after it was reported that LGES will invest $250M into Liontown via a convertible in exchange for offtake. Liontown shares have underperformed peers by about 10% year-to-date and the firm no longer sees catalysts for further underperformance, though it still thinks reaching the run rate targeted by the company “will be tough,” the analyst tells investors.
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