Livent (NYSE:LTHM) shares are trading higher on Wednesday after Raymond James initiated coverage on the stock with a Strong Buy rating and announced a price target of $9.
Livent is a pure-play lithium producer formed when FMC spun off its lithium business in October 2018. Livent should benefit from increased lithium demand via higher electric vehicle adoption, as lithium is a key component of EV batteries. The company's low-cost lithium carbonate production comes from brine resources in Argentina. Livent also operates downstream lithium hydroxide conversion plants in the United States and China.
Livent shares were trading up 5.77% at $8.07 at the time of publication on Wednesday. The stock has a 52-week high of $12.29 and a 52-week low of $3.59.
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