Pilbara Minerals Ltd (ASX: PLS) shares are having a strong finish to the week.
The lithium miner's shares are currently up 5.5% to $4.
This means they have now risen almost 15% in just two trading sessions.
Image source: The Motley Fool
Can Pilbara Minerals shares build on this in 2024?
Investors have been fighting to get hold of ASX lithium stocks this week after Chinese lithium futures rebounded strongly following the conclusion of COP28.
And while prices are still down sharply from where they were at the start of the year, investors appear to believe the rot could finally be over.
If that proves to be the case, then it could be good news for Pilbara Minerals shares in 2024. But just how far could they go?
While a number of brokers have price targets below where its shares currently trade, a couple of bulls see scope for strong returns next year.
For example, Morgans currently has an add rating and a $5 price target on its shares. This implies a potential upside of 25% over the next 12 months. It commented:
We rate PLS as our best pick of the pure-play lithium stocks. It is well funded, has a long resource life and is an established Australian operator with multiple growth options ahead of it. We think FY24's starting cash balance of over $3.3bn combined with strong operating cashflow will allow the company to pursue a meaningful capital management program while simultaneously funding growth.
Bigger bull
The team at Macquarie sees even more potential upside for Pilbara Minerals shares in 2024. Its extremely bullish analysts have an outperform rating and a $7.10 price target on them.
If its shares were to rise to this level, it would mean a return of almost 80% for investors next year.
