0352 GMT - Lynas Rare Earths has again been vague in its guidance for the year ahead, says UBS. "While there was much focus [and perhaps disappointment] on the FY27 outlook...we argue that LYC's value proposition [at least for us] has always been far more expansive than one-year earnings," the bank says. Its view is that the hurdle to higher volumes relates to Lynas's own ability to produce more, rather than any difficulty in finding customers. UBS says it is focused on costs, as expanded facilities ramp up, as well as continued increases in heavy rare-earths output and the miner's long-term downstream growth plans. UBS reiterates its buy rating. Its trims its target to 22.50 Australian dollars a share from A$22.75/share. The stock is down 1.4% at A$16.17.
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