Prices of Spodumene Concentrate have been rising in recent weeks as lithium demand remains elevated and supply challenges remain as an overhang with talk of Chinese producers scaling back production.
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Additionally, with the global macroeconomic challenges, the possibility of a softening in demand remains.
Not surprisingly, the Global X Lithium & Battery Tech ETF (LIT) has put up single-digit gains of 2.3% over the past month even as EV sales continue to rise globally.
In the current environment, the Street remains cautiously optimistic about Albermarle (ALB) with a Moderate Buy consensus rating based on five Buys, five Holds, and a Sell rating.
Further, an average price target of $315.91 indicates a 10.6% potential upside in the stock on top of nearly 17.4% price gains over the last six months.
Piedmont Lithium (PLL), on the other hand, has evoked a bullish stance from analysts. The stock currently has a Strong Buy consensus rating based on four unanimous Buys.
Further, an average price target of $108.75 points to a substantial 87% potential upside in the stock.
Here are some related stocks:
- Sigma Lithium ( SGML)
- SociedadQuimica (SQM)
- Livent (LTHM)
- Lithium Americas (LAC)
- Li-Cycle Holdings (LICY)
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