** Citi downgrades copper miner 29Metals 29M.AX to "sell" from "neutral" following a placement representing a 27% discount to Tuesday's closing share price.
** The brokerage cut PT to A$0.25 from A$0.45 after updating estimates for extended Xantho downgrade and adding 667 million shares post its A$180 million ($116.12 million) offering
** Citi also cites capital allocation to Gossan Valley to elevate funding issues
** Flags liquidity concerns related to funding restart at Capricorn Copper
** Stock price at A$0.26 as of last close
** 5 of 7 analysts rate the stock "hold", and 2 "sell"; their median PT is A$0.31
** Stock has fallen 60.5% YTD, as of last close
($1 = 1.5501 Australian dollars)
(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com))
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