IGO popped +7.2% on Monday as the lithium/nickel miner bounced a few days after RBC raised their price target for IGO to $6 – coincidentally, our technical upside target. FY25 production is tracking to the top end of guidance, and costs are tracking to the lower end. However, lithium prices need to rally before the earnings profile becomes exciting for IGO.
- We can see IGO testing $5 and potentially $6 over the coming months while it holds above $3.85, again a good risk-reward combination.
MM is cautiously bullish about IGO
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