The Pilbara Minerals Ltd (ASX: PLS) share price has been a standout ASX performer over the past month or so. Since 12 August, Pilbara Minerals shares have risen from $3.12 each to today's pricing of $4.59 (at the time of writing). That's a rise worth a jaw-dropping 47.1% for this ASX 200 lithium share.
Not only that, but we have also seen new 52-week high after new 52-week high over this short time span. The latest of these new highs came just today, with Pilbara shares hitting $4.62 this afternoon.
Think about this though. If any investor lucky enough to buy into Pilbara shares during the worst throes of the 2020 COVID crash, they would have been able to pick up shares of this ASX lithium producer for just 15 cents each.
If there indeed is any investor out there that made such a fortuitous trade, they would be sitting on what would be a near-3,000% gain today.
But enough on the past, hypothetical or real. What investors today probably care more about is what might happen to the Pilbara share price from here.
So could this leading ASX lithium share still be a buy today?
Does the Pilbara Minerals share price have more record highs up its sleeve?
Well, one ASX broker thinks it might. As my Fool colleague James covered on the weekend, ASX broker Macquaire remains very bullish on the Pilbara Minerals share price today.
Macquarie currently gives the company an outperform rating. That rating comes with a 12-month share price target of $5.60 per share. If that came to pass, it would represent a further upside of 22.5% or so from today's share price.
As we discussed last week, Macquarie is building its optimism on Pilbara's projections that it can increase its lithium production by more than half in FY23. Given the extraordinary price gains that lithium commodities have enjoyed in recent months, this should also mean higher cash flows and profits for Pilbara over this financial year.
No doubt that news will be welcomed by investors. But we shall have to wait and see if Macquarie's Pilbara pricing prediction proves prescient.
At the current Pilbara Minerals share price, this ASX 200 lithium share has a market capitalisation of $13.42 billion.
