Piedmont Lithium price target raised to $9 from $8.50 at BMO Capital

BMO Capital raised the firm’s price target on Piedmont Lithium (PLL) to $9 from $8.50 and keeps a Market Perform rating on the shares. The company’s Q3 shipments of 31.5 kt were in line with guidance of 30-34kt, but while Piedmont currently receives offtake volumes from the producing NAL mine in Quebec and has ambitions to become an integrated supplier of lithium hydroxide to the North American battery supply chain, there is uncertainty around the funding plans and development timeline for its U.S. business, the analyst tells investors in a research note.