BMO Capital Downgrades Metals Acquisition Ltd. (MTAL) to Market Perform

BMO Capital analyst Jackie Przybylowski downgraded Metals Acquisition Ltd. (NYSE: MTAL) from Outperform to Market Perform with a price target of $12.00 (from $13.00).

The analyst comments "Metals Acquisition will redeem 15.4M Public Warrants and Private Placement Warrants on June 5, 2024 at a redemption price US$0.10 per warrant. Warrant holders can elect to choose one of two exercise options as summarized below and in Exhibit 1; the impact to the company's cash balance ranges from US$0 to ~US$177M received, and the share dilution ranges from 6.2% to 18.1%. As a result of the assumed dilution our one-year target falls to US$12.00/share (from US$13.00). We have downgraded our rating to Market Perform (from Outperform)."

For an analyst ratings summary and ratings history on Metals Acquisition Ltd. click here. For more ratings news on Metals Acquisition Ltd. click here.

Shares of Metals Acquisition Ltd. closed at $14.14 yesterday.

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