The Azure Minerals Ltd (ASX: AZS) share price has been in sensational form in 2023.
Since the turn of the year, the ASX lithium stock has raced an incredible 650% higher.
This would have turned a $10,000 investment on the last trading day of 2022 into a remarkable $65,000 today.
Excitement around the company's 60%-owned Andover project in Western Australia has been the driver of this impressive gain.
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Is it too late to buy this ASX lithium stock?
The good news is that two leading brokers still see value in Azure Minerals' shares despite their strong gains.
For example, Canaccord Genuity recently initiated coverage on the ASX lithium stock with a speculative buy rating and a $2.20 price target. This implies a potential upside of almost 30% for investors over the next 12 months.
Elsewhere, Bell Potter has just reiterated its speculative buy rating with a $3.00 price target. This suggests that its shares could still rise over 75% from current levels.
Bell Potter sees enormous promise in the Andover project, it said:
AZS offers exposure to a very-high potential WA Li exploration project, in the early stages of discovery. We think it's undervalued given the clear upside that Andover could support a Tier-1 mining operation, in the Tier-1 mining jurisdiction of Western Australia.
Commenting on its valuation, the broker adds:
[W]e estimate a 100% Lithium Project Value of $3,243m. Adjusting for AZS's 60% ownership, we estimate an Attributable Lithium Project Value of $1,946m. We apply our early-stage project discount to determine a 12- month forward Lithium Project Value of $876m. To which we add Lithium Exploration Value of $389m and nickel Resource and exploration value of $100m.
All in all, based on the above, it may not be too late for investors to snap up this ASX lithium stock.
