** Jefferies trims its PT for lithium producer PLS PLS.AX, saying that while its long‑term stance remains constructive, it sees the equity as full at current levels

** Jefferies cuts price target to A$4 from A$4.25, while maintaining 'Hold'

** PLS retains the capacity to lift output in a rising price environment, and while operational gains under the P850 operating model are encouraging, it remains uncertain whether the lower unit‑cost profile can be sustained over the medium term - Jefferies

** Morningstar says PLS weighing a potential restart of its Ngungaju plant, and a similar announcement from peer MinRes MIN.AX, suggests that lithium prices are approaching incentive levels for higher‑cost supply

** However, Morningstar flags additional supply to cap lithium prices over the medium term as Ngungaju restarts

** On Friday, the miner posted Q2 rev of A$373 million ($259.27 million), up from A$216 million a year earlier

** Stock up 1.7% YTD as of last close

($1 = 1.4386 Australian dollars)