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J.P. Morgan upgrades Pilbara Minerals Limited (PILBF) to a Buy

In a report released yesterday, Al Harvey from J.P. Morgan upgraded Pilbara Minerals Limited (PILBFResearch Report) to a Buy, with a price target of A$3.50. The company’s shares closed last Friday at $2.39.

Harvey covers the Basic Materials sector, focusing on stocks such as Evolution Mining Limited, Allkem Limited, and Northern Star Resources Ltd. According to TipRanks, Harvey has an average return of 0.8% and a 47.37% success rate on recommended stocks.

Pilbara Minerals Limited has an analyst consensus of Moderate Buy, with a price target consensus of $2.61, implying a 9.21% upside from current levels. In a report released on August 22, Canaccord Genuity also maintained a Buy rating on the stock with a A$4.30 price target.

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Based on Pilbara Minerals Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $0. In comparison, last year the company had a net profit of $0

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Pilbara Minerals Ltd. engages in the exploration and evaluation of mineral properties. It focuses on lithium and tantalum properties of Pilgangoora Lithium-Tantalum Project located in the Pilbara region. The company was founded on January 10, 2005 and is headquartered in West Perth, Australia.

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