Livent price target lowered to $32 from $34 at KeyBanc

KeyBanc lowered the firm’s price target on Livent to $32 from $34 on softer earnings, while keeping an Overweight rating on the shares. The firm also lowered its Q3 and 2023 EBITDA estimates by 6% and 4%, respectively, owing to softer Li pricing. KeyBanc currently stands 5% above both Q3 and 2023 consensus EBITDA. Overall, the firm continues to believe in the pace of lithium demand through mid-decade and believes Livent shares underappreciate its earnings potential.