Lynas Rare Earths downgraded to Hold from Buy at Jefferies

Jefferies analyst Mitch Ryan downgraded Lynas Rare Earths to Hold from Buy with a price target of A$7.20, up from A$7. FY24 results beat expectations due to lower operating costs, but weak Chinese demand and high supply chain inventories limit near-term price recovery in the REE market, says the analyst, who cites valuation for the downgrade.