Pilbara Minerals (PILBF) Shoots Up 14% on JP Morgan Upgrade
Pilbara Minerals (PILBF) is up 14.41% for the day, largely due to JP Morgans positive broker upgrade. Pilbara is also benefiting from strong lithium prices.
The analyst Lydon Fagan upgraded PILBF to an outperform rating and gave the Company a price target of $4.10. A key reason for the upgrade is long-term estimates in lithium prices due to a “steeper cost curve to incentivise low-grade Chinese supply to fill the supply-demand gap.”
JP Morgan has increased its forecast for lithium and spodumene prices by 20% and 25% respectively.
About Pilbara Minerals
Pilbara Minerals is the leading ASX listed pure-play lithium company, owning 100% of the world’s largest, independent hard-rock lithium operation. Located in Western Australia’s resource-rich Pilbara region, our Pilgangoora Project produces a spodumene and tantalite concentrate. The significant scale and quality of our operation has attracted a consortium of high quality, global partners including Ganfeng Lithium, General Lithium, Great Wall Motor Company, POSCO, CATL and Yibin Tianyi.