Ganfeng Lithium downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Trina Chen downgraded Ganfeng Lithium A shares to Neutral from Buy with a Rmb 44 price target. Despite the 20%-50% correction in share prices year-to-date, the risk/reward of the Chinese lithium equities has yet to turn attractive based on “bottom-of-the-cycle asset-based valuations,” the analyst tells investors in a research note.