Why Shares of Lithium Americas Are Plunging Today
While the S&P 500 and Dow Jones Industrial Average are both sliding lower today, shares of Lithium Americas (NYSE: LAC) are outpacing the downward slide in the market writ large. Addressing the company's recent deal with Arena Minerals, an analyst from B. Riley seems to be unenthusiastic about the transaction, electing to keep the same price target and rating on the stock that he had prior to the announcement.
As of 3:32 p.m. EST, shares of Lithium Americas are down 3.8%, recovering slightly from their earlier slide of 5.7%.
Expecting the scale of Pastos Grandes to balance out equity dilution in the days ahead, Matthew Key, an analyst at B. Riley, maintains a buy rating on shares of Lithium Americas and a price target of $39.
Source Fool.com
