Macquarie analysts recently lowered their price target on Argosy Minerals (ASX:AGY) from A$0.80 to A$0.75 while retaining an ‘outperform’ rating.

The brokerage stated that the revised price target reflects increased equity dilution in its funding assumption for Argosy Minerals (ASX:AGY)’s Rincon project, which is a response to the decrease in the company’s share price.

Argosy Minerals, a lithium exploration company, reported last Thursday that pumping tests at its Rincon lithium project confirm its economic viability in extracting brine from the deep sand aquifer.

Macquarie suggested that the economics of extracting brine from the black sand aquifer could potentially better than initially anticipated.

The stock of Argosy Minerals (ASX:AGY) was trading 5.9% lower.

According to Refinitiv data, two analysts rate the stock as ‘buy’ or higher, with a median price target of A$0.80.

So far this year, the stock is down 40.4%.

Argosy Minerals (ASX:AGY) is a lithium exploration company primarily focusing on the Rincon lithium project.