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Pilbara Minerals (ASX: PLS) Broker Ratings
Equity Espresso
April 09, 2025 • Estimated Reading Time: 5 minutes
Pilbara Minerals (ASX: PLS) Broker Ratings
Date | Broker | Rating | Price Target |
|---|---|---|---|
22/04/2025 | Morgans | Add | $2.30 |
22/04/2025 | Macquarie | Outperform | $2.40 |
22/04/2025 | Citi | Buy | $1.60 |
22/04/2025 | Bell Potter | Buy | $2.00 |
15/04/2025 | UBS | Neutral | $1.50 |
09/04/2025 | Morgan Stanley | Overweight | $1.80 |
03/04/2025 | Ord Minnett | Hold | $1.75 |
22/04/2025
Morgans has maintained its Add rating for Pilbara Minerals while lowering the target price to $2.30 from $2.40. The broker observes that the March quarter performance was disrupted by ramp-up and tie-in activities, although FY25 guidance was maintained and the P1000 project continues to progress as expected. Morgans expects operational improvements to emerge in the June quarter and views Pilbara as better positioned than its peers due to its scale and long-term expansion strategy.
Macquarie has maintained its Outperform rating for Pilbara Minerals with a target price of $2.40. The broker reports 3Q25 production and sales of 125kt each were below consensus expectations by -12%, with production falling -34% quarter-on-quarter as Ngungaju transitioned to care and maintenance. Macquarie notes the company completed the acquisition of Latin Resources and has started a specific exploration program, retaining its Outperform rating due to potential for capital management and possible cost-outs.
Citi has maintained its Buy rating for Pilbara Minerals while cutting the target price to $1.60 from $1.65. The broker notes the 3Q25 report was weak quarter-on-quarter as expected due to P1000 tie-in and ramp-up, and cyclone impacts. Citi reports operating costs beat consensus, with the company reiterating FY25 guidance across all metrics.
Bell Potter has maintained its Buy rating for Pilbara Minerals with a target price of $2.00. The broker reports the March quarter update was broadly in line with expectations, with production and sales volumes disrupted by P1000 project tie-ins and cyclone activity. Bell Potter notes FY25 production guidance of 700-740kt was reiterated, with the P1000 project targeted to reach nameplate capacity in the current quarter and ongoing progress at expansion projects supporting long-term value.
15/04/2025
UBS has upgraded Pilbara Minerals (PLS) to a Neutral rating from Sell while reducing the target price to $1.50 from $2.00. This decision follows a cut to UBS's near-term spodumene price forecast by around 10%, and a 7% reduction in the long-term forecast. Despite remaining cautious in the lithium sector overall, the broker has upgraded Pilbara Minerals due to the recent share price decline.
11/04/2025
Morgans has lowered its target price for Pilbara Minerals (PLS) to $2.40 from $3.10, driven by reduced forecasts for lithium spodumene and lithium hydroxide prices. While maintaining a long-term spodumene price forecast of US$1,300/t, the broker has downgraded near-term pricing due to a cautious outlook on the lithium recovery timeline, noting a persistent supply glut despite solid underlying demand. Morgans highlights Pilbara Minerals' strong balance sheet, which is expected to remain in a net cash position until at least FY28 in most lithium price scenarios above US$650/t.
09/04/2025
Citi has upgraded Pilbara Minerals to a Buy from Neutral while cutting the target price to $1.65 from $2.40. The broker expects lithium demand to be hurt due to downside risk for global auto sales in a recessionary backdrop from U.S. President Trump's reciprocal tariffs, with additional headwind from a likely drop in ESS demand. Citi has cut the long-term price for uranium to US$1,400/t from US$1,500 while expecting range-bound prices this year.
Morgan Stanley has maintained its Overweight rating for Pilbara Minerals while reducing the target price to $1.80 from $2.75. The broker considers tariffs, possible recessions, and a focus on miners' cost curves, viewing the ramp-up at Pilgangoora as "timely" given tight market impulses and limited lithium carbonate equivalent growth among peers.
08/04/2025
Macquarie has maintained its Outperform rating for Pilbara Minerals with a target price of $2.40. The broker sees lithium as a potential beneficiary if escalating trade tensions push China to stimulate EV consumption. Macquarie notes major Australian lithium producers are trading at low implied lithium prices (US$950/t), with Pilbara Minerals trading at an implied spodumene price of US$875/t.
03/04/2025
Ord Minnett has maintained its Hold rating for Pilbara Minerals while lowering the target price to $1.75 from $2.50. The broker has broadly reduced commodity price forecasts, except for gold and neodymium-praseodymium, citing concerns over weakening Chinese steel demand and potential impacts from proposed US tariffs. Ord Minnett notes the 2025 spodumene forecast falls by -9% due to persistent oversupply in the lithium market.
Pilbara Minerals (PLS) Stock Price
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