Stardust Power price target lowered to $3 from $5 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Stardust Power (SDST) to $3 from $5 and keeps a Buy rating on the shares. The company reported 2024 results and provided an update with respect to ongoing development of its Phase 1 lithium refinery in Muskogee, Oklahoma, the analyst tells investors in a research note. The firm said its key takeaway from the project’s groundbreaking ceremony was that there appears to be a sense of overwhelming support for Stardust’s ambitions, and thus views the upcoming Definitive Feasibility Study as a near-term catalyst for the company. The firm added, however, that it is lowering its price target as a result of dilution incurred from recent financing activities.