ALTM - Why Arcadium Lithium Stock Just Popped 10%
2024-06-26 13:55:33 ET
Shares of Arcadium Lithium (NYSE: ALTM) , the giant lithium mining stock formed from the merger of America's Livent and Australia's Allkem in January, surged 10.5% through 12:15 p.m. ET Wednesday -- and you can thank the friendly bankers at RBC Capital for that.
This morning, RBC analyst Kaan Peker initiated coverage of Arcadium Lithium stock, predicting the lithium miner will outperform the stock market, and hit $4 a share within 12 months.
Calling Arcadium Lithium "the most vertically integrated, and diversified lithium and chemical [company] across our coverage" in a note covered on The Fly, Peker argues that Arcadium is also on a strong growth path. From 61,000 tons of lithium carbonate produced from brine in 2023, the analyst forecasts Arcadium will more than double its output to 142,000 tons in 2027 -- 23% annualized production growth.
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Why Arcadium Lithium Stock Just Popped 10%