Shares of Lithium Americas Corp. (LAC) plunged over 5% in pre-market trading on Tuesday, following a neutral rating from BMO Capital Markets. The investment bank resumed coverage on the lithium mining company with a "Market Perform" rating and a price target of $3.50.
While the price target implies some upside potential from LAC's current trading levels, the neutral outlook appears to have disappointed investors. Analyst Andrew Quail cited risks around the development of LAC's Thacker Pass project in Nevada, as well as uncertainty around lithium prices in the coming years.
However, the report also highlighted LAC's attractive growth prospects and leverage to rising lithium demand from the electric vehicle industry. Quail stated that the company's projects in Argentina and Nevada position it well to capitalize on the global shift towards clean energy and energy storage.
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