Electra Battery Materials Corp. (ELBM) PT Lowered to $2 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle lowered the price target on Electra Battery Materials Corp. (NASDAQ: ELBM) to $2.00 (from $2.10) while maintaining a Buy rating.

The analyst commented: 'On August 20, 2026, Electra Battery Materials Corp. announced an extension of its cobalt hydroxide feed purchase agreement with Glencore through December 31, 2031. In short, this agreement secures 100% of the feedstock required to commission and ramp up ELBM's Ontario refinery through 2027 and covers roughly 10,000 metric tonnes of contained cobalt, worth over $500.0M at current market prices. In turn, we view supply and demand as primarily contracted when accounting for the binding term sheet that was signed with LG Energy Solution in March 2026 (as this agreement locked in roughly 60% of the refinery’s planned cobalt sulfate production through 2029). We therefore focus on progress related to construction, which should ultimately yield first production as soon as 2027. We are reiterating our Buy rating on Electra even as we slightly decrease our PT to $2.00 from $2.10. Our decreased PT is primarily driven by updates to our balance sheet."

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