Macquarie upgraded Sayona Mining (SYAXF) to Neutral from Underperform with a price target of A$0.04, up from A$0.02, after the company announced a 50/50 all-stock merger with Piedmont Lithium (PLL). The removal of an offtake agreement and the price cap is value accretive, which also paves way for further growth via brownfield expansion, the analyst tells investors in a research note.
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