Scotiabank Cuts Lithium Americas (Argentina) (NYSE:LAR) Price Target to $10.00

Lithium Americas (Argentina) (NYSE:LAR) had its price objective lowered by Scotiabank from $11.00 to $10.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

A number of other equities analysts have also recently issued reports on LAR. Zacks Research cut Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Lithium Americas (Argentina) currently has a consensus rating of “Moderate Buy” and an average price target of $7.99.

Lithium Americas (Argentina) Stock Up 7.5%

Shares of LAR opened at $5.95 on Tuesday. Lithium Americas has a twelve month low of $2.52 and a twelve month high of $12.05. The firm’s 50 day moving average price is $8.14 and its two-hundred day moving average price is $8.03.

Lithium Americas (Argentina) (NYSE:LAR) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.07). On average, equities analysts forecast that Lithium Americas will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Lithium Americas (Argentina)

A number of institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new stake in Lithium Americas (Argentina) in the second quarter valued at $37,000. BNP Paribas Financial Markets lifted its position in shares of Lithium Americas (Argentina) by 45.3% in the third quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock valued at $38,000 after buying an additional 3,552 shares during the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of Lithium Americas (Argentina) by 538.8% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,995 shares of the company’s stock worth $39,000 after acquiring an additional 5,900 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Lithium Americas (Argentina) during the 2nd quarter worth approximately $40,000. Finally, Raymond James Financial Inc. raised its stake in Lithium Americas (Argentina) by 14.1% in the 2nd quarter. Raymond James Financial Inc. now owns 26,030 shares of the company’s stock valued at $54,000 after acquiring an additional 3,214 shares during the period. 49.17% of the stock is currently owned by institutional investors and hedge funds.

About Lithium Americas (Argentina)

Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.

The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot?scale evaporation ponds have demonstrated favorable lithium concentrations.