Why Shares of Lithium Americas Powered Higher Today
After falling more than 8% in September, shares of Lithium Americas (NYSE: LAC) seem to be off to a strong start this month. The lithium stock rose 3.1% yesterday, in the first day of trading for October, and continued rising today. With the end of today's trading session, shares of Lithium Americas soared 5.5%, having retreated slightly from their earlier climb of 6.6%.
In addition to the general positive sentiment sweeping through the market today, it appears that the stock is being pushed higher thanks to some positive coverage from Wall Street.
Taking a bullish stance on shares of Lithium Americas, Charles Neivert, an analyst at Piper Sandler, assumed coverage of the stock and assigned an overweight rating. Additionally, Neivert set a $38 price target, which implies upside of more than 40% from the stock's closing price of $27.05 yesterday. According to The Fly, Neivert based the bullish outlook on the belief that the company will succeed in developing its asset, Thacker Pass.
Source Fool.com
