** Citi flags caution on Liontown Resources , driven by updated FY28-30 plans & increased capex, with costs for FY26 to be higher than 2H25
** Brokerage says lithium producer's higher-than-expected A$50 mln ($32.86 mln) capex in 2H pulls forward balance sheet concerns
** Says LTR needs extra liquidity by FY26 due to current pricing, despite an option to draw an additional A$100 mln ($65.72 mln) convertible terms under its partnership with LG Energy Solution (LGES)
** Co secured $250 mln convertible note from LGES in July, extending their lithium supply deal by 10 years & offering extra funding
** Recommends "sell" rating at PT A$0.75 per share, despite outperforming its peers by 10%-20% QTD due to valuation concerns
** 2 of 13 analysts rate the stock "buy", 6 "hold" and 5 "sell"; their median PT is A$0.80 — LSEG compiled data
** Shares down ~49% YTD as of the last close
($1 = 1.5216 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com))
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