Scotiabank lowered the firm’s price target on Lithium Americas (LAC) to $2.50 from $3 and keeps a Sector Perform rating on the shares. While the company’s joint venture scheme with General Motors (GM) is “positive news,” the firm notes there is still a funding gap that needs to be met by the company, which will require another raise, the analyst tells investors. The firm believes an equity raise is likely coming down the pipeline soon and that the amount will be more than the $100M expected by the company.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See Insiders’ Hot Stocks on TipRanks >>

Read More on LAC:

• Unusually active option classes on open October 17th

• Lithium Americas upgraded to Outperform from Sector Perform at National Bank

• Stifel positive on Lithium Americas, General Motors JV agreement

• Lithium Americas rises 20.4%

• Lithium Americas Stock (NYSE:LAC) Soars after GM Backs Its Mining Project