Why Lithium Americas Stock Dropped on Thursday
Easy come, easy go.
Shares of start-up lithium mining company Lithium Americas (NYSE: LAC) popped earlier this week on news that money is starting to roll out to support the U.S. government's program to boost adoption of electric cars in America. But these same shares are tumbling today -- down 4.2% through 10:20 a.m. ET -- on news that investment bank Piper Sandler has just cut its price target on the stock.
It wasn't a huge cut. Piper Sandler's reduction in price target from $38 a share to $36 a share just shaved 5% off the analyst's estimation of Lithium Americas' profit potential. What's more, Piper continues to believe that Lithium Americas is a stock worth buying, maintaining an overweight rating on the stock.
Source Fool.com
