Sumary of Why Lithium Americas Stock Jumped 10% Today:
- What happened Lithium Americas (NYSE:LAC) stock popped on Tuesday and was trading up 9.8% as of 2:10 p.
- Four factors drove the lithium stock higher today: lithium prices, Albemarle (NYSE:ALB), Tesla, and Canada’s Toronto Stock Exchange (TSX).
- The combination of soaring demand and prices is the perfect recipe for growth for lithium stocks.
- In fact, Lithium Americas made it onto TSX’s 2021 TSX30 list, announced today, showcasing the 30 best-performing stocks on the exchange in the past three years.
- Its inclusion in the top 30 list right when lithium prices are soaring appears to have reignited investor interest in Lithium Americas stock today.
- The exuberance is, in fact, a carryover from last week when Lithium Americas popped after rival Albemarle outlined an incredibly bullish outlook about the lithium markets during its investor day.
- Among other things, Albemarle projects global EV production to grow tenfold by 2030 and demand for lithium to grow at compound annual rate of 30% through 2025. Its projections and revenue outlook even encouraged several analysts to bump up their price targets on the lithium stock on Monday.
- UBS and BMO Capital Markets, for example, upped their targets to $290 a share each, Oppenheimer posted a price target of $296 per share, and Deutsche Bank sees Albemarle stock hitting $270 per share.