LYC slipped -2.5% on Monday not helped by Citi reducing its target price by over 7% to $7.55, less than 10% above yesterday’s close. This is a volatile stock that swings 10-20% on a regular basis making it one to add to into dips as opposed to chase into strength.
- We see no reason to increase our LYC position while the price of rare earths continues to plumb multi-month lows.
MM is long & bullish toward LYC in the $7 area
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NB We hold LYC in our Emerging Companies Portfolio.
