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Li-Cycle's Market Conditions Trigger 27% Price Target Cut By This Analyst

·1 min read
  • Charden Capital Markets analyst Brian Dobson reiterated a Buy rating on the shares of Li-Cycle Holdings Corp (NYSE: LICY) but lowered the price target to $13 from $18, primarily citing market conditions.

  • The company reported Q3 sales of $(1.97) million, missing the consensus of $10.63 million.

  • Li-Cycle is a lithium-ion battery resource recovery and lithium-ion battery recycler in North America.

  • RelatedLi-Cycle Misses Q3 Consensus As Higher Nickel, Cobalt Prices Weigh

  • The analyst noted that LICY's spoke and hub construction timetable is on track, driving EBITDA profitability in 2024E.

  • Beginning in 2023E, the analyst expects the New York hub refining facility to open and for recent capacity increases at U.S. spokes to bear fruit.

  • However, the analyst reduced his outlook due to falling commodity prices and near-term raw material allocation issues.

  • Meanwhile, the analyst remains positive on Li-Cycle's growth trajectory as it is underpinned by significant green energy macro tailwinds.

  • Price Action: LICY shares are trading lower by 4.05% at $6.035 on the last check Friday.

  • Photo Via Company

Latest Ratings for LICY

Date

Firm

Action

From

To

Feb 2022

Morgan Stanley

Downgrades

Overweight

Equal-Weight

Jan 2022

Chardan Capital

Maintains

Buy

Nov 2021

Chardan Capital

Initiates Coverage On

Buy

View More Analyst Ratings for LICY

View the Latest Analyst Ratings

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