The Pilbara Minerals Ltd (ASX: PLS) share price had an eventful month in March.
During the period, the lithium giant's shares lost 5.5% of their value.
However, with just a few days remaining in the month, things were looking far worse for shareholders.
On 27 March, the Pilbara Minerals share price was down as low as $3.43. At that point, it was on course to record a monthly decline of 18%.
However, news that rival Liontown Resources Ltd (ASX: LTR) was a takeover target led to the whole lithium industry rebounding on 28 March. This saw Pilbara Minerals' shares recover to finish the month at $3.94.
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What happened last month?
The main drag on the Pilbara Minerals share price last month was falling spot lithium prices.
This sparked fears that the lower prices could mean that the lithium miner's future earnings may not be as strong as some were forecasting.
However, it is worth noting that the company made an announcement of its own at the end of last month that could support its future earnings.
Pilbara Minerals announced that its board has approved its production expansion plans. This will ultimately see the company's spodumene production capacity increase by a third to 1 million dry metric tonnes per annum in the coming years.
Is the Pilbara Minerals share price good value?
The team at Citi is positive on the Pilbara Minerals share price at the current level.
The broker currently has a buy rating and $4.60 price target on its shares, which implies potential upside of 20% for investors.
Citi is forecasting earnings per share of 80 cents in FY 2023, 68 cents in FY 2024, and then 73 cents in FY 2025. This is expected to underpin fully franked dividend yields of 6.3%, 4.5%, and then 5.3%, respectively.
