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The Galaxy Resources Limited (ASX:GXY) share price is up 5%

share price up

The Galaxy Resources Limited (ASX: GXY) share price has risen 4.7% to $2.74c per share at the time of writing as the global lithium company continues on its share price recovery after bottoming out in late October.

The rally could have something to do with Morgan Stanley upgrading the share to an overweight rating and increasing its price target to $2.90 this week.

Galaxy’s September quarter results revealed solid production from its Mt Cattlin operations with Galaxy’s cash reserves looking healthy following the sale of its Sal de Vida tenements.

Elsewhere in the sector, the Orocobre Limited (ASX: ORE) share price is also on the rise today, up 1% to $4.36 while another lithium peer, Pilbara Minerals Ltd’s (ASX: PLS) share price is down slightly to 84c per share.

Some more speculative stocks to watch with lithium interests include Argosy Minerals Limited (ASX: AGY) and Altura Mining Ltd (ASX: AJM) which went into a voluntary trading halt today pending an announcement.

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Returns as of 6th October 2020

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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