Lithium Americas Corp (LAAC)

[John-Knee]

Lithium Americas Shares Rise 6% on Millenium Lithium Deal, TD Raises Price Target to $45 CDN
2021-11-18 09:45:59 AM ET (MT Newswires)
   
   
09:45 AM EST, 11/18/2021 (MT Newswires) -- Shares of dual-listed Lithium Americas Corp. (LAC.TO, LAC) continued to rise on Thursday, climbing approximately 6% on the Toronto Stock Exchange following the company's agreement to buy Millenium Lithium Corp. (ML.V).

TD Securities analyst Craig Hutchison raised his price target on LAC to $45 from $36, and maintained a Hold rating.

His higher estimates also reflect the Vancouver-based lithium development company's Q3 results.

"Overall, we believe the acquisition of Millennial makes strategic sense for LAC as it takes advantage of its recent share-price strength (up ~160% YTD) to add a quality asset to its pipeline at minimal share dilution and no net erosion to its balance sheet," Hutchison said in a note to clients.

LAC shares rose $2.57, to 6.1%, to $44.14 in early trading on Thursday.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe.