TD Cowen downgraded Lithium Americas (LAC) to Hold from Buy with an unchanged price target of $5. The firm cites valuation for the downgrade with shares above the price target on news that the U.S. government is considering an equity stake in the company. TD sees “little rationale for a significantly enhanced economic model” with the company’s current anchor tenant, General Motors (GM), providing an undisclosed price floor. The firm views Lithium Americas’ current valuation as full.
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