J.P. Morgan initiates Sigma Lithium coverage with Overweight rating
SGML•J.P. Morgan initiates coverage with Overweight
J.P. Morgan initiated coverage of Sigma Lithium with an Overweight rating on a brownfield growth thesis.
The report expects installed capacity of about 580,000 tonnes per year by end-2027, rising to about 830,000 tonnes by end-2028.
Incremental expansion capex is framed at about USD 100 million per line, implying roughly USD 400-430 per tonne of installed capacity.
J.P. Morgan’s outlook calls 2026 the tightest lithium year, forecasts a deficit through 2029, and cites Sigma’s unhedged exposure as leverage to prices.
The company targets delivery of 240,000 tonnes within 12 months, rising to 330,000 tonnes in FY27.
