As previously reported, Seaport Global analyst Michael Harrison downgraded Livent to Neutral from Buy following the company's pre-announcement and discussion of continued challenges in the lithium market. While Livent reiterated its volume outlook for 2020, he views this as a risk as a portion of the Q4 EBITDA shortfall is related to delayed customer orders, said Harrison, who also made changes to his estimates around pricing and margin. He believes the stock's recent positive performance suggests some short-covering and longer-term investors seeing lithium as near a cycle low, the analyst added.