If you're wanting to add some lithium exposure to your portfolio, then read on.
That's because listed below are five ASX lithium shares that have been rated as buys recently.
Here's what analysts are saying about them:
Allkem Ltd (ASX: AKE)
Goldman Sachs is a big fan of lithium giant Allkem. Even though the broker believes that lithium prices have further to fall, it remains bullish on this lithium miner due to its significant production growth plans. It has a buy rating and a $10.90 price target, which implies a 29% upside from current levels.
Delta Lithium Ltd (ASX: DLI)
Delta Lithium is the lithium explorer behind the Mt Ida Lithium Project in Western Australia. It counts Mineral Resources and Gina Rinehart as major shareholders. Bell Potter is extremely bullish on this ASX lithium share. It has a speculative buy rating and a $1.35 price target on its shares. This compares very favourably to its current share price of 48.5 cents.
IGO Ltd (ASX: IGO)
This lithium miner also has Goldman Sachs as a fan. It has a buy rating and a $10.60 price target on its shares. This suggests a potential upside of 21% for investors over the next 12 months. The broker likes IGO partly because of its Greenbushes operation. It highlights that "Greenbushes [is] the lowest cost Australian spodumene producer and one of the lower cost in the broader market."
Mineral Resources Ltd (ASX: MIN)
Another ASX lithium share that has been given the thumbs up recently is Mineral Resources. Morgans is a fan of the company. So much so, that it has the company on its best ideas list. It sees "MIN as well placed to grow into its valuation, even if we see unexpected metal price volatility, given the magnitude of organic growth in the pipeline." Morgans has an add rating and $83 price target, which suggests a 30% upside for investors.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Macquarie continue to see Pilbara Minerals as an ASX lithium share to buy. Particularly given its strong balance sheet, high-quality asset base, and track record of project execution. Speaking of which, the broker was also pleased to see management confirm last week that its P680 and P1000 projects remain on time and on budget. Macquarie has an outperform rating and $7.10 price target on its shares. This is almost double the current Pilbara Minerals share price of $3.64.