Citi maintains 'buy' on Australia's Paladin after production miss; expects 2H recovery

** Citi says uranium miner Paladin's PDN.AX 1QFY27 production missed its expectations due to weaker recoveries

** Notes PDN reiterating its FY27 outlook, with improving recoveries and grades expected to support a production recovery weighted to the second half of FY27

** Says it is disappointed by weaker cash generation due to lower receipts and higher costs, but continues to see limited funding risk for PLS

** Adds that management remains open to a strategic partner, which Citi believes could unlock value beyond funding benefits

** Brokerage maintains "buy" rating on the stock

** Meanwhile, Jefferies cuts target price to A$12 from A$14.50; says FY27 guidance now requires improvement to be sustained alongside higher throughput

** PDN down nearly 9% YTD, as of last close