Stardust Power downgraded to Hold from Buy at Maxim

Maxim downgraded Stardust Power (SDST) to Hold from Buy. The firm is citing a longer timeline for potential U.S. lithium brine suppliers to develop projects and capital needs to build a battery-grade lithium brine refinery in Oklahoma, the analyst tells investors in a research note. Many of Stardust’s potential suppliers of lithium will continue to test small-scale direct lithium extraction production but will wait to expand production until lithium prices meaningfully increase, the firm added.