Citi’s financial analysts anticipate that 29Metals (ASX:29M) will resort to an equity raise to counter liquidity issues.

The brokerage firm has adjusted its price target for the copper miner, lowering it from A$0.500 to A$0.450.

Additionally, Citi expects an A$80 million equity raise for 29Metals in the first half of 2024.

Out of ten analysts, two rate the company’s stock as a ‘buy’ or higher, six advise to ‘hold’ and two recommend to ‘sell’ or lower, with their median price target being A$0.46, according to LSEG data.

The stock has seen a downward trend this year, marked by a 10.5% decrease as of the last close.

29Metals is a copper mining company based in Australia.