2258 GMT - Jefferies raises its price target for PLS Group by 12% to A$6.70/share after the miner beat expectations in 3Q. PLS dug up a record 232,400 tons of spodumene concentrate in 3Q. PLS doesn't expect any material disruption to operations from the Middle East conflict or impact on FY 2026 guidance. "A very strong quarter of production relative to our and consensus forecasts coupled with resilient pricing through 2026 underpins a positive outlook," analyst Mitch Ryan says. Shipped volumes of 195,000 tons were largely in line with Jefferies's expectations, despite the closure of Port Hedland for part of March due to cyclonic activity. "Alternatively, the 36,000 ton inventory build should be unwound into an increasingly resilient 4Q26 price environment," Jefferies says. PLS ended last week at A$5.77. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 26, 2026 18:58 ET (22:58 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.