** Shares of Iluka Resources ILU.AX fall 2.6% to A$4.82
** Stock fell as much as 4.2% to A$4.74 in early trade, its lowest level since Dec 20
** Rare earths miner posted below-par quarterly production on Wednesday
** Citi cuts earnings by 38% and 24% for full-years 2025 and 2026, respectively, as lower sales and higher costs bite
** Brokerage trims price target to A$5.7 from A$6.1, downgrades rating to "neutral/high risk"
** We downgrade our rating due to deteriorating Mineral Sands business and valuation uncertainty around Rare Earths refinery — Citi
** Iluka down 5.4% YTD, including current session's moves
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com))
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