The Sayona Mining Ltd (ASX: SYA) share price reached a new 52-week low today at 8.4 cents.
Battery materials, as a category of industry, obviously have a bright future. The whole world is decarbonising and the green energy era is only at the very beginning of its evolution.
The brand new business of electric vehicle manufacturing will clearly play a big part in it. So, investor interest in ASX lithium shares is entirely understandable.
But at what point do you buy a stock like Sayona Mining after such a terrible year?
Broker tipping 140% upside for Sayona Mining share price
At the end of August, top broker Macquarie slapped an outperform rating on Sayona Mining with a 12-month share price target of 20 cents.
That implies a 140% potential upside from today's new 52-week low.
But you'd have to be a brave investor to buy Sayona shares, given their ongoing tumble in 2023.
That means a bunch of professional traders are expecting the ASX lithium share to go even lower.
As always, the Fool recommends undertaking a fundamental analysis of any company you are considering investing in.