Stifel GMP on Thursday maintained its buy rating on the shares of Lithium Americas (LAC.TO, LAC) and its US$10.00 price target after the company formed a joint venture with General Motors to build and operate the Thacker Pass lithium project in Nevada.
"Lithium Americas and General Motors have announced the plans for a Joint Venture between the two companies to build and operate the Thacker Pass lithium project in Nevada. Under the terms of the agreement, GM will contribute ($430MM cash + $195MM Letter of Credit) $625MM in exchange for 38% of the JV. Following this announcement, we highlight the proposed deal as a significant de-risking milestone that makes Thacker Pass substantially funded. With closing on the DoE loan and subsequent Final Investment Decision now imminent, we note the potential for a re-rate upon full financial derisking given the company's currently discounted valuation (0.39x NAV @ $20,000/tonne lithium carbonate) and proven re-rate pathway via incremental construction de-risking," analyst Cole McGill wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 4.84, Change: +0.32, Percent Change: +7.08
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