11:34 AM EDT, 05/15/2026 (MT Newswires) -- National Bank of Canada on Thursday reiterated its sector-perform rating on the shares of Lithium Americas (LAC.TO, LAC) and lowered its price target to C$7.25 from C$7.50 following the company's first-quarter results.

The bank updated its model for Lithium Americas following the release of the results to reflect the capital spent to date and an increase of $110 million to reflect potential inflationary pressures.

Lithium Americas ended the first quarter with cash and restricted cash of US$1.21 billion, slightly below National Bank's estimate of US$1.25 billion, driven mostly by higher capex spend of US$299 million versus the bank's estimate of US$277 million.

The company reiterated 2026 capex guidance of US$1.3 billion to US$1.6 billion. Phase one of the Thacker Pass project in Nevada remains on track for mechanical completion in late 2027 and a production ramp-up in 2028.

Price: 6.90, Change: -0.14, Percent Change: -1.99