UBS Cuts Ganfeng Lithium Target Price to HK$44.28, Maintains Buy Rating

Stock News09-22 11:38

UBS has released a research report lowering its target price for Ganfeng Lithium Group Co., Ltd. (01772) from HK$106.86 to HK$44.28, while reiterating a "Buy" rating on the stock.

Following the bank's global commodities team revising down its global lithium price assumptions, UBS has further reduced its 2027 China lithium price forecast from RMB 200,000 per tonne to RMB 120,000 per tonne. Concurrently, the firm has cut earnings estimates and target prices across Chinese lithium-related stocks.

The bank noted that under its base-case scenario, which assumes demand and supply growth of 15% and 22% year-on-year respectively, the lithium price forecast still remains above the market-implied level of RMB 100,000 per tonne.

UBS believes the market may currently be overemphasizing potential inventory destocking risks for China's battery energy storage system cells, while overlooking the potential downside supply risk stemming from the anti-corruption investigation in Jiangxi province.

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