** U.S.-listed shares of titanium producer IperionX IPX.O IPX.AX down about 11% at $33.64

** Spruce Point Management is short on co; says investor expectations are "too high," sees challenges with co's commercial efforts that may not be fully reflected in its valuation

** "Shares may be significantly overvalued, with potential downside risk of 70%-5%" — investment firm

** Spruce Point also sees concerns with accuracy of co's financial reporting

** Says co's highly promoted Hydrogen-assisted magnesiothermic reduction (HAMR) is not likely to “revolutionize” the industry or displace the established Kroll process for titanium production

** As of last close, stock up 8.9% YTD

(Reporting by Koyena Das)

((Koyena.das@thomsonreuters.com))