The Liontown Resources Limited (ASX: LTR) share price is having a strong day.
In morning trade, the lithium developer's shares are roaring 3% higher to $1.58.
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Can the Liontown share price keep rising?
The good news for shareholders is that there are at least two top brokers that believe the Liontown share price can keep rising from here.
For example, last week the team at Macquarie retained its outperform rating and $2.50 price target on the company's shares. This implies potential upside of 58% for investors over the next 12 months.
Macquarie is bullish on lithium and has been pleased with the progress being made at the Kathleen Valley lithium project. It highlights that major construction works have received government approval and can get underway.
Who else is bullish?
Elsewhere, a note out of Bell Potter from last month reveals that its analysts have a speculative buy rating and $2.87 price target on its shares.
This suggests even greater upside potential of 82% for investors over the next 12 months.
Bell Potter notes that Liontown is "roaring ahead." It commented:
LTR is fully funded to develop Kathleen Valley and has binding lithium offtake agreements in place with Ford, Tesla and LG Energy Solution covering around 90% of initial production. With construction underway, we expect LTR to award further development contracts with a focus building the asset's best in class ESG credentials. Studies into lithium refining are underway and could bring further strategic partnerships from major lithium groups. Optimisation of this downstream project will complement Kathleen Valley development news flow.
