With a number of ASX lithium shares rising strongly this year, they have given portfolios across the country a huge boost.
The good news is that it may not be too late to invest in the industry according to brokers.
Listed below are five ASX lithium shares that have recently been rated as buys:
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Allkem Ltd (ASX: AKE)
Allkem is a speciality lithium chemicals company with a global portfolio of diverse and high-quality lithium operations. It is aiming to grow its production in a manner that allows it to command a 10% share of global lithium demand. According to a note out of Ord Minnett, its analysts are very positive on Allkem's outlook and have a buy rating and $22.50 price target on its shares.
Lake Resources N.L. (ASX: LKE)
Lake Resources is the Argentina-based lithium developer behind the Kachi project. While short sellers may be betting against the company, the team at Bell Potter remain positive. The broker recently reaffirmed its speculative buy rating and lofty $2.52 price target on the company's shares.
Liontown Resources Limited (ASX: LTR)
Liontown Resources is a lithium developer with two promising project. These are the 100%-owned Kathleen Valley and Buldania projects, which are both located in Western Australia. The former recently received approval for a 4Mtpa operation, which will supply tier-1 offtake customers including LG Energy Solution, Tesla, and Ford. Bell Potter currently has a speculative buy rating and $2.87 price target on Liontown's shares.
Mineral Resources Limited (ASX: MIN)
Goldman Sachs is a big fan of this mining and mining services company due to its exposure to lithium. In fact, it is partly because of this exposure that the broker is forecasting the tripling of its EBITDA in FY 2023. In light of this strong outlook, Goldman has a buy rating and $96.00 price target on Mineral Resources' shares.
Pilbara Minerals Ltd (ASX: PLS)
The team at Macquarie still see plenty of upside for this lithium giant's shares. In response to its latest digital auction, the broker has retained its outperform rating and $7.70 price target on the company's shares. This implies potential upside of over 50% for investors from current levels.
