AKE tumbled -5.5% on Thursday as lithium investors/traders flocked for the exits. After flagging a $640mn cost blowout last month, with higher labour and material expenses cited as the major cause, even as the stock approaches major support. The Livent merger is set to be completed by the end of 2023 and the larger entity will likely be more appealing once things are all bedded down, although we prefer other Lithium stocks in the sector.
- We can see AKE testing $10 over the coming weeks, or ~10% lower.
MM likes AKE in the $9.50-$10 region, but it’s not on our radar
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