The Liontown Resources Ltd (ASX: LTR) share price closed steady on Monday amid a positive outlook for ASX lithium shares.
The Liontown share price finished at $1.68 today, the same as Friday's closing price. In contrast, the S&P/ASX 200 Index (ASX: XJO) dropped 0.95% today.
Let's check the outlook for Liontown Resources.
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Broker upgrade
Liontown Resources shares responded positively today amid an analyst upgrade on the lithium price. The ASX lithium share touched a high of $1.70 a share in early afternoon trading before closing at $1.68.
Macquarie is predicting a boost in the share price of multiple ASX lithium shares, including Liontown Resources.
Further, Macquarie has upgraded its outlook for lithium carbonate and hydroxide prices, while highlighting electric vehicle sales are growing.
The broker said:
We upgrade medium-term lithium carbonate and hydroxide price outlook and expect prices to stay higher for longer. We also lift our regional lithium price forecasts to match the pricing strength in China.
We continue to expect a price differential between regional prices and Chinese prices reflecting an approximate 3-month lag, which we expect to close in CY24.
As my Foolish colleague Brendon highlighted, Macquarie is also forecasting electric vehicle (EV) sales to rise in 2022 to 10 million vehicles, up 50% compared to last year.
Today, Macquarie has lifted its price target on the Liontown share price to $2.50. This is a 49% upside on the current share price.
Analysts also lifted the price target on Allkem Ltd (ASX: AKE) shares to $21 each and Pilbara Minerals Ltd (ASX: PLS) to $5.60 a share. The forecasts represent potential upsides of around 68% and 76% respectively.
Share price snapshot
The Liontown share price has soared 125% in a year, climbing 1.2% year to date.
In the past month, Liontown shares have leapt more than 35%.
For perspective, the ASX 200 index has lost more than 5% in the past year.
