The Pilbara Minerals Ltd (ASX: PLS) share price is off to a flying start in 2022.
The stock has gained 10.94% since the final close of 2021 despite no news having been released by the company.
It also came in as one of 2021's top performing mining and resources shares of the S&P/ASX 200 Index (ASX: XJO).
It goes without saying, the Pilbara share price is on a roll. As of Monday's close, its trading at $3.57, 2% higher than its previous close.
For context, the ASX 200 slipped 0.08% today.
Let's take a look at the expert opinions that might have helped drive the lithium producer's shares higher lately.
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What might be boosting the Pilbara Minerals share price?
According to reporting by The Age, Bank of America (NYSE: BAC) upgraded its guidance for the Pilbara Minerals share price. Meanwhile, its analyst Jack Gabb is bullish on the company's next lithium auction.
As The Motley Fool Australia has previously reported, many experts predict lithium will be a hot commodity in 2022, with demand exceeding supply by up to 5,000 megatons of lithium carbonate equivalent.
With Australia accounting for a huge chunk of the world's lithium resources, the ASX is geared up to benefit from the shortfall.
This is highlighted through Pilbara Minerals' spodumene concentrate digital auctions, conducted via its Battery Material Exchange.
An auction in September saw the lithium producer receiving a bid of US$2,240 per dry metric tonne. Another in October saw a buyer bidding US$2,350 per dry metric tonne.
According to the analyst, as quoted in The Age, those prices are just the beginning. It's reported Gabb expects Pilbara could see spot prices reach as high as US$3,900 per tonne at its next auction.
Sector fundamentals remain strong with spot spodumene prices set to increase significantly this quarter and contract prices still playing catch-up… Hence, we expect spot pricing to remain elevated.
Such expectations have reportedly led the Bank of America to increase its expectations for the company, lifting its price target for Pilbara Minerals by 13%.
That could have led the market to bid the company's stock higher in turn.
Over the last month, the Pilbara Minerals share price has gained 42%. Additionally, it's recorded a 226% gain over the last 12 months.
