The Clean TeQ Holdings Limited (ASX: CLQ) share price was one of the biggest movers on the market on Friday.
In late afternoon trade the cobalt producer's shares are up a massive 18% to $1.51.
What happened?
This morning Clean TeQ's shares were upgraded to a buy rating with a $1.60 price target by analysts at Deutsche Bank.
According to the note, the upgrade has been made after the broker reviewed data from its Sunrise project in New South Wales ahead of its dual listing launch on the Toronto TSX exchange.
Deutsche appears pleased with the company's plan to mine cobalt at higher rates early on at Sunrise in order to capture higher cobalt credits.
Thanks largely to strong demand for cobalt from the electric vehicle battery market, Clean TeQ's shares have risen a remarkable 196% since the start of the year.
Fellow cobalt miners Ardea Resources Ltd (ASX: ARL) and Northern Cobalt Ltd (ASX: N27) have also climbed strongly this year.
