The Pilbara Minerals Ltd (ASX: PLS) share price is fighting hard to rebound from yesterday's weakness.
In morning trade, the lithium miner's shares are up 2% to $3.40.
Investors were selling Pilbara Minerals and other ASX lithium shares yesterday after a bleak update from Liontown Resources Ltd (ASX: LTR) sent shockwaves through the industry.
This latest decline by the Pilbara Minerals share price means that it was down over 15% in the space of a month prior to today's session.
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Why is the Pilbara Minerals share price rising?
With no news out of the company, it seems that some investors are buying shares today on the belief that its shares have been oversold.
One broker that would likely agree with this view is Macquarie. Last week, its analysts retained their outperform rating with a $4.40 price target.
This implies potential upside of approximately 30% for investors over the next 12 months.
And while the broker is expecting another dividend to be paid in FY 2024, it's not going to be anything to get excited about unfortunately.
Macquarie is now forecasting a paltry 1 cent per share dividend for the year. This is less than a half a percent dividend yield based on today's Pilbara Minerals share price.
