The Core Lithium Ltd (ASX: CXO) share price is heading in the right direction at last.
At one stage today, the lithium miner's shares were up 12% to 38 cents.
Though, it is worth noting that its shares remain down by approximately 65% over the last 12 months.
Why is the Core Lithium share price rebounding?
Today's gain appears to have been driven by the release of a broker note out of Citi.
While the broker is not recommending Core Lithium as a buy just yet, it has seen enough value in its share price to take off its sell rating.
It can be a big boost to investor sentiment when a broker takes off its sell rating, which probably explains why its shares are rallying on the news today.
According to the note, the broker has upgraded the miner's shares to a neutral rating with a 38 cents price target. This is in line with where its shares are now trading following today's gain.
Is anything a buy?
The latter was upgraded to a buy rating with a $4.50 price target this morning. Whereas Allkem, which was already a buy, has had its rating retained with a $13.50 price target.
Time will tell if the broker has made the right call on these miners.