The Pilbara Minerals Ltd (ASX: PLS) share price has surged more than 100% in a year, but some brokers predict it could go higher.
The lithium miner’s share price has rocketed 118% between market close on 20 April 2021 and 20 April 2022. However, in today’s trade, Pilbara shares have slipped 2.75% and are currently trading at $2.83.
Let’s take a look at the outlook for Pilbara Minerals.
Macquarie has retained an outperform rating on the company’s shares with a price target of $4. This is 41% more than the current share price.
However, the price target of $4 is slightly less than Macquarie’s recent prediction of $4.30. Macquarie dropped its price target following Pilbara Minerals’ quarterly update falling below expectations.
The company mines lithium from the Pilgangoora Lithium Tantalum Project in Western Australia.
Shipments for the March quarter finished at 58,383 dry metric tonnes (dmt) after a port delay. A 20,000 dmt cargo scheduled for late March instead left Port Hedland on 7 April.
Meanwhile, Citi analysts have upgraded the Pilbara Minerals share price to a “buy” with a $3.60 price target. This equates to a 27% upside on the share price at the time of writing. Citi is optimistic lithium prices could go higher. The broker believes it could take two years for the lithium market to balance, as my Foolish colleague James reported.
Pilbara Minerals price snapshot
The Pilbara Minerals share price has gained 118% in the past 12 months but lost 11% year to date. In the past week, the company’s shares have dropped about 2%.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned around 8% over the past year.
Pilbara has a market capitalisation of about $8.4 billion based on the current share price.
The post Macquarie is tipping another 40% upside for the Pilbara Minerals share price. Here’s why appeared first on The Motley Fool Australia.
Should you invest $1,000 in Pilbara Minerals right now?
Before you consider Pilbara Minerals , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pilbara Minerals wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
- Here are the 3 most heavily traded ASX 200 shares on Wednesday
- What are the 10 biggest ASX shares in the lithium space
- Top brokers name 3 ASX shares to buy next week
- These were the worst performing ASX 200 shares last week
- Brokers name 3 ASX shares to buy today
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/0eCscMG