Morgan Stanley says Pilbara Minerals looks overvalued, shares fall

Lithium

11/03/2024 02:47

** Shares of Pilbara Minerals  PLS.AX  fall as much as 2.2%
to A$3.930, on track for fifth consecutive session of losses 
    ** Analysts at Morgan Stanley say the lithium co is
overvalued by the market despite asset quality 
    ** Brokerage says PLS has continued to outperform lithium
prices and its peers, despite price weakness persisting into
2024 
    ** Morgan Stanley increases price target to A$3.30 per share
from A$2.95; retains "underweight" rating 
    ** Brokerage sees recoveries from co's Pilgangoora
operations to rise and stay high per co's guidance in medium
term
    ** Eight of 17 analysts rate the stock "Buy" or higher, five
"Hold" and five "Sell" or lower; their median PT is A$3.80 -
LSEG Data
    ** PLS up 1.8% this year as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))