BUZZ-UBS downbeat on IGO after weak quarterly output; cuts PT

Reuters05-02

** Brokerage firm UBS cuts PT for IGO ltd after the diversified miner reported weak quarterly production and earnings

** PT cut to A$7.35 from A$7.65; rates stock "sell"

** Output of spodumene, a lithium source, and sales from Greenbushes lithium mine owned by IGO and Tianqi Lithium

, fell during Jan-March period

** Lower spodumene production led to drop in EBITDA and sales revenue for the quarter

** Tianqi's option to take 200 kilo-tons of spodumene concentrate from the mine after March is a boost for the mine and potentially demand - brokerage

** Six of 16 analysts rate the stock "buy" or higher, five "hold" and five "sell"; their median PT is A$7.60 – LSEG

** IGO down 13.81% YTD, as of last close

(Reporting by Adwitiya Srivastava in Bengaluru)

((Adwitiya.Srivastava@thomsonreuters.com;))

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