US-listed shares of Lithium Americas up after JP Morgan assumes coverage with 'overweight'
LAC•Shares gain in premarket trading
U.S.-listed shares of Canada-based Lithium Americas LAC.N gain 3% to $3.09 premarket.
Recent earnings and year-to-date performance
Earlier this month, the company posted Q2 net income of $1.7 mln vs. a loss of $13.2 mln a year earlier.
Up to last day's close, the stock was down 30.7% year to date.
J.P. Morgan starts coverage with overweight rating
J.P. Morgan assumes coverage with overweight vs neutral rating; price target $6.
"We raise lithium price assumptions in our LAC model, lifting long-term earnings power from 2029 onward (post full ramp) and driving a materially higher NAV. Further, recent updates give us more confidence in Thacker Pass execution," J.P. Morgan says.
