0204 GMT - Liontown's 1H FY27 could be particularly weak, with stockpiles depleted and underground volumes still to ramp up, says UBS. The bank expects FY27 spodumene concentrate production at the low end of company guidance and costs at the high end, as the underground ramps output. UBS says Liontown's chemical-linked pricing has resulted in lower prices than peers. That should improve as lagged contracts decline from two thirds of sales to one third from January 2027, it says. "Understanding the pending 2-3 year investment cycle (while the operation ramps up Stage 1) remains the main catalyst," UBS says. A final investment decision on an expansion at Kathleen Valley is expected at the end of 1Q. UBS keeps a neutral rating and trims its price target to A$1.40 from A$1.45. Shares are up 2.9% at A$1.26.