Piper Sandler downgraded Livent to Underweight from Neutral with a price target of $15, down from $18. The downgrade reflects “recognition of the substantial deterioration” in global lithium markets, the analyst tells investors in a research note. The firm believes the market conditions now present will undermine any significant rebound in the pricing environment for at least the next few quarters, leading to further earnings erosion and estimate reduction. Piper cites the “problematic market environment” for the downgrade.
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