Ganfeng Lithium downgraded to Underperform from Buy at Jefferies

Jefferies double downgraded Ganfeng Lithium to Underperform from Buy with a price target of Rmb 26, down from Rmb 90. The analyst sees a balanced lithium market and expects no immediate restocking. Inventory could remain an overhang in the near term and a price step down in 2024 is likely, the analyst tells investors in a research note.