| Over a week ago | ||||
The deal size was… The deal size was increased to 13.0M shares from 12.5M and priced below the last closing price of $18.90. Goldman Sachs and JPMorgan are acting as joint book running managers for the offering. | ||||
Check out this evening's…
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Livent announced that it… Livent announced that it has commenced an underwritten public offering of 12.5M shares of its common stock. Livent intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their option to purchase additional shares of common stock, primarily for growth capital expenditures, including lithium capacity expansion, and for general corporate purposes and to repay amounts outstanding under its revolving credit facility. Goldman Sachs & Co. and J.P. Morgan Securities will act as joint book-running managers and representatives of the underwriters in connection with the offering. | ||||
| Over a month ago | ||||
Sees FY21 Adjusted EBITDA… Sees FY21 Adjusted EBITDA $40M-$60M. Based on the resumption of its expansion plans, Livent 2021 total capital spending is expected to be $125M. Adjusted cash from operations for the FY21 is projected to be in the range of $45M-$65M. | ||||
Reports Q1 revenue… Reports Q1 revenue $91.7M, consensus $82.13M. "The positive lithium market conditions that began in the fourth quarter of last year have continued in 2021 and electric vehicle sales remain strong despite ongoing supply chain disruptions," said Paul Graves, president and CEO. "We are becoming increasingly confident in the trajectory of lithium demand growth over the coming years behind the increasing support for electrification from OEMs, governments and consumers alike. At Livent, we are focused on executing on our expansion plans as we continue to build upon our low cost and sustainable operations, and our position as a partner of choice to leading auto OEM and battery producers." | |
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Sempra Energy (SRE) upgraded to Buy from Neutral at Mizuho with analyst Anthony Crowdell saying Sempra sold down 20% of Sempra Infrastructure Partners for an "attractive" 13.4 times multiple. 2. Albemarle (ALB) upgraded to Outperform from In Line at Evercore ISI with analyst Stephen Richardson saying after reaching a bottom in the second half of 2020, lithium pricing has continued to move higher led by battery grade carbonate as inventories in the supply chain work down. 3. Textron (TXT) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Spingarn saying he is more positive on the company's business jet segment exiting the pandemic, particularly the light and mid-sized jet segments where Textron concentrates. 4. Baker Hughes (BKR) upgraded to Outperform from Market Perform at BMO Capital with analyst Philip Jungwirth saying Baker shares have materially lagged Schlumberger (SLB) and Halliburton (HAL) with the recovery in oil prices and upstream spending, creating an attractive entry point. 5. Livent (LTHM) upgraded to Outperform from In Line at Evercore ISI with analyst Stephen Richardson saying while first half of 2021 pricing trends are expected to be challenging for lithium producers that are largely contracted, the movement of spot indices above indicative contract prices is a key catalyst for the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | |
Evercore ISI analyst… Evercore ISI analyst Stephen Richardson upgraded Livent to Outperform from In Line with a price target of $22, up from $20. The analyst upgraded his view of the lithium stocks to reflect "positive developments in industry fundamentals." After reaching a bottom in the second half of 2020, lithium pricing has continued to move higher led by battery grade carbonate as inventories in the supply chain work down, Richardson tells investors in a research note titled "Legging into the Cycle - All in on Lithium Producers." While first half of 2021 pricing trends are expected to be challenging for producers that are largely contracted, the movement of spot indices above indicative contract prices is a key catalyst for the stocks, says the analyst. Richardson believes the price trend should bolster confidence in the ability to secure higher contracted price for capacity expansions, and prove supportive for project economics. | |
Evercore ISI analyst… Evercore ISI analyst Stephen Richardson upgraded Livent to Outperform from In Line with a $22 price target. |
| Over a quarter ago | ||||
Credit Suisse analyst… Credit Suisse analyst Kieran de Brun assumed coverage of Livent with a Neutral rating and $14 price target. The analyst made no changes to the rating or price target relative to the firm's prior coverage. | ||||