2154 GMT - Lotus Resources appears headed for another equity raise, two months after it rattled the tin with investors for A$79 million. That's the view of Ord Minnett after a March quarter it describes as shocking. "At steady state, we believe Lotus's future earnings would justify a price of A$2.75/share, but it needs to get there first, which we believe will need funding of A$100 million, perhaps some debt and more equity," analyst Matthew Hope says. Ord Minnett suggests Lotus will seek to raise equity in the September quarter. Until funding is resolved, the stock will be held at around A$1.00/share. That's the level of Ord Minnett's new target price, down 74% on before. It also downgrades the stock to hold, from speculative buy. Lotus ended last week at A$0.90. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 03, 2026 17:54 ET (21:54 GMT)
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