Australian lithium miners slump; Citi cuts PTs on US tariff concerns

ReutersApr 9, 2025 1:03 AM

Shares of lithium miners Pilbara Minerals PLS.AX and IGO IGO.AX fall 6.4% and 3.6%, respectively

Mineral Resources MIN.AX slump 12% to A$14.41 to hit its lowest level since late March 2020

MIN among the top losers in the benchmark index .AXJO

Citi cuts PT for PLS to A$1.65 from A$2.40, cuts IGO to A$4.0 from A$5.30, cuts MIN to A$20

Citi cuts price targets for Australian lithium miners as U.S. reciprocal tariffs are expected to be a headwind for demand

However, Citi hikes rating for PLS and IGO to "buy" from "neutral", selects PLS as the top pick among lithium cos

MIN stock down ~58% this year, including the day's moves while PLS and IGO decline ~41% and ~33%, respectively

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