If you're looking to unearth the next Pilbara Minerals Ltd (ASX: PLS), then you may want to check out what Bell Potter is saying about these up-and-coming ASX lithium shares.
Here's what the broker is saying about these high-flyers:
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Azure Minerals Ltd (ASX: AZS)
This morning Bell Potter initiated coverage on this ASX lithium share with a speculative buy rating and a $2 price target.
Based on the current Azure Minerals share price of $1.32, this implies a potential upside of 51% for investors over the next 12 months.
Bell Potter sees significant potential in the company's 60% owned Andover project. It comments:
In our view, i) the broad intersections in initial drill results, ii) the success-to-date of the 'Target Generation Method', iii) the significant number of untested targets, and, iv) the potential to generate further targets, leads us to conclude that there is excellent potential for AZS to achieve its Strategic Objective of defining a +100Mt Resource (and potentially +200Mt).
Delta Lithium Ltd (ASX: DLI)
Another note reveals that its analysts have retained their speculative buy rating on this lithium explorer's shares with an improved price target of $1.25.
Based on the current Delta Lithium share price of 90 cents, this suggests a potential upside of 39% for investors between now and this time next year.
Bell Potter has been pleased with recent developments behind the scenes and out in the field. It explains:
We increase our valuation by 19%. DLI is attractive because: i) Mt Ida is a relatively near-term producer, given that it's situated on a granted mining lease, with a submitted mining proposal, targeting commencement of a Direct Shipping Operation from 4QFY23. ii) Yinnetharra exploration results (and DLI commentary) highlight potential for a second, larger, lithium Resource and mine, iii) DLI recently secured new strategic investment, validating its business plan, generating collaboration opportunities, and a measure of takeover defence, iv) DLI has been the subject of recent M&A speculation, with occasional strong increases in share price and trading volume.
