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Investing.com - Goldman Sachs has downgraded IGO Limited (ASX:IGO) (OTC:IPGDF) from Buy to Neutral while reducing its price target to AUD4.00 from AUD4.40.
The downgrade follows what Goldman Sachs describes as "relative outperformance as the defensive Australian lithium name," suggesting the stock may have limited upside potential at current levels.
Goldman Sachs analyst Hugo Nicolaci cited expectations for "a more modest ramp up" of the CGP3 project, though noted that Greenbushes remains "the only Australian spodumene mine with current AISC below spot" based on the firm’s recent analysis.
For the Kwinana facility, Goldman Sachs anticipates updates on performance improvements and production costs, but continues to expect additional capital expenditure requirements.
The firm projects that these capital needs will result in "a more modest return to dividend" from TLEA in the fourth quarter of 2026.
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