The Pilbara Minerals Ltd (ASX: PLS) share price has been among the best performers on the ASX 200 index on Wednesday.
In afternoon trade, the lithium miner's shares are up 6% to $5.10.
Why is the Pilbara Minerals share price storming higher?
There appear to have been a couple of catalysts for the rise in the Pilbara Minerals share price today.
The first is a strong showing in the lithium industry following a positive night of trade for lithium miners on Wall Street.
This has seen fellow lithium shares Allkem Ltd (ASX: AKE) and Core Lithium Ltd (ASX: CXO) also push notably higher on Wednesday.
What else is boosting its shares?
Also giving the Pilbara Minerals share price a boost today has been a broker note out of Macquarie.
According to the note, the broker has retained its outperform rating and $5.70 price target on the company's shares. This implies potential upside of almost 12% for investors from current levels.
The note reveals that Macquarie was pleased with the company's latest lithium auction results, which revealed a winning (pre-auction) bid of US$7,100/dmt for 5,000dmt on a 5.5% lithia basis. This is the equivalent of US$7,830/dmt on a 6% lithia basis.
Macquarie is now expecting the ramp up of Pilbara Minerals' Ngungaju project to allow more regular sales on the online battery material exchange platform.
