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BMO Capital has initiated coverage of Elevra Lithium (NASDAQ:ELVR) with an Outperform rating and set a price target of A$12.50. The research firm highlighted Elevra's position as a leading North American lithium producer following the merger of Sayona and Piedmont Lithium.

The analyst noted that the merger has simplified and consolidated ownership of the flagship North American Lithium (NAL) asset. The research report indicates that the transaction has eliminated a previously restrictive off-take agreement and strengthened the company's balance sheet. BMO Capital believes Elevra offers attractive leverage for further lithium price recovery and presents compelling growth potential.