Broker Notes: Why analysts name Liontown and Allkem to buy now?
Broker Barrenjoey has initiated on lithium stocks and says investors should be overweight $Liontown Resources Ltd(LTR.AU$ and $Allkem Ltd(AKE.AU$. It has a $1.80 price target on Liontown and $15 price target on Allkem.
"Electric Vehicles are set to transform the lithium and nickel commodity markets" the broker said. "We forecast global EV sales growing to 30m in 2030 or ~30% of new car sales. This lifts lithium and nickel demand by 4x and 1.5x respectively vs their current size by 2030. IGO is well-placed to benefit from this step change in demand due to its low-cost operations in nickel and lithium and options to expand production, particularly in lithium."
Barrenjoey is not so keen on $Mineral Resources Ltd(MIN.AU$ and has a neutral rating and $64 share price target. It has an underweight rating on $Pilbara Minerals Ltd(PLS.AU$ and $3 share price target.
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