The Pilbara Minerals Ltd (ASX: PLS) share price is trading lower again on Thursday.
At the time of writing, the lithium miner's shares are down 7.5% to $3.40.
This means the Pilbara Minerals share price is now down 20% since this time last week.
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Is the Pilbara Minerals share price weakness a buying opportunity?
A number of leading brokers see a lot of value in the company's shares at current levels.
For example, Macquarie has an outperform rating and huge $7.70 price target on its shares. This implies more than 100% upside for its shares over the next 12 months.
Elsewhere, Citi has a buy rating and $4.80 price target and Morgans has an add rating and $5.30 price target. Even Goldman Sachs, which has a neutral rating, sees plenty of upside potential with its $4.90 price target.
In respect to Citi's recommendation, its analysts note that the "sky is not falling in" when it comes to lithium prices. It said:
On lithium pricing, PLS says the sky is not falling in. Many options to get its uncontracted tonnes to market. PLS elected to do tolling, which was unequivocally driven by value. And it was clearly the focus of the call Q&A. Domestic pricing is a function of the slowdown in China market but would remind everyone of the structural shift that's underway: more EVS, more investment. Long game remains positive. PLS says customers are asking for more tonnes and enquiries for spodumene volumes continue.
All in all, this appears to demonstrate that the recent Pilbara Minerals share price weakness could be a great opportunity for investors.
However, it is worth remembering that higher risk shares, such as lithium miners, are likely to underperform at times of heightened market volatility. So, it is definitely worth bearing that in mind before taking the plunge on an investment.
