EV raw materials stock IGO has soared post COVID assisted by the strong investor appetite for environmentally favourable companies and a handy tailwind from nickel and lithium prices. On the corporate front, we are fans of the drawn-out takeover by IGO of Western Areas (WSA) with the acquired world-class nickel assets looking set to dovetail nicely into IGO’s existing nickel & lithium business. This is one of MM’s preferred exposures to the sector but a further 10% downside wouldn’t surprise.
MM likes IGO closer to $11
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