AKE rallied over +25% after the attractive deal with Livent that was revealed to the market, the surge was no great surprise to MM but the stock is starting to feel fully priced around/above $16, especially when compared to its peers. The new company (NewCo) will have a market capitalisation of about A$15 billion, similar in size to Pilbara (PLS), and be listed on the NYSE plus CDIs on the ASX.
- We can see further short-term weakness towards $14.50 but from a trading perspective we would be accumulating in this area.
MM is neutral to bullish on AKE around $15
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