The Core Lithium Ltd (ASX: CXO) share price has had a shocking 30 days, plunging by 24.8% in that time.
That's despite the company releasing plenty of good news in that time.
The Core Lithium share price is back in the red on Friday, falling 0.86% right now to trade at $1.15.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.66% today.
With a rocky month's trade under its belt, is the future still looking bright for the ASX 200 lithium favourite? Let's take a look at what brokers are predicting for its future.
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Could the Core Lithium share price offer 48% upside?
The Core Lithium share price has been the talk of the town recently as the company prepares to begin production at the Northern Territory's Finniss Lithium Project.
It's expecting to complete the first export of lithium from Finniss by the end of 2022.
However, the market's been bidding the stock lower amid capital raising activities and despite positive exploration and development updates.
Core Lithium announced it had sold a shipment of its spodumene DSO product – housing 1.4% lithium – for US$951 per dry metric tonne last week.
It also released an update on drilling at its BP33 deposit, part of the Finniss Project, on Wednesday. Three deep diamond holes intersected spodumene mineralised pegmatite at depths below any previous drilling.
Topping off the recent exciting news was a $100 million institutional placement. That saw around 97.1 million shares offered for $1.03 apiece.
The funds are said to have strengthened the company's balance sheet, allowing it to fast-track exploration programs, speed up capital development initiatives, and pursue growth opportunities.
Broker Macquarie agrees that the new cash will help bolster the company's growth. It's expecting big things from the ASX 200 lithium share in the near future, my Fool colleague James reports.
Its analysts have tipped Core Lithium shares to outperform, slapping them with a $1.70 price target – representing a 48% upside.
Additionally, the federal government has tipped demand for lithium to surge in the near future, driving the price of lithium hydroxide to US$51,510 in 2023. That will likely spell good news for Core Lithium's future bottom line.
Thus, the future arguably looks bright for the company in October and beyond.
