The PLS Group Ltd (ASX: PLS) share price has been one of the best performers in the S&P/ASX 200 Index (ASX: XJO) over the past year.
The ASX lithium share has risen close to 400% in the past year, as the below chart shows.
The ASX 200 has only gone up by 4% in the last 12 months, so PLS Group shares have delivered extraordinary returns compared to the ASX share market.
It has benefited enormously from the rise in the lithium price. In the company's FY26 third quarter, it reported that its realised price for its commodity was US$1,867 per tonne – that was a rise of 61% compared to the three months to 31 December 2025.
It'll be interesting to see what happens next with the lithium price, as it could be influential on the PLS Group share price in the coming 12 months.
Let's see what experts think could happen with the ASX lithium share in the year ahead.
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Price target for the PLS Group share price
A price target is where a broker thinks the share price could be in a year from now, based on how the business is growing (or not) and also assessing the current conditions.
According to CMC Invest, there have been 12 analyst ratings on the business in the last three months, with the average price target of those being $5.55. That suggests a possible decline of 14% within the next year.
The most optimistic price target is $6.70, suggesting a possible rise of just 4%.
The most pessimistic price target is $2.60. That implies a possible decline of 60%! A drop of that size would probably require a significant drop of the lithium price.
What else?
It's important to remember that commodity prices can shift significantly in a relatively short space of time. There are arguments for the lithium price both going up and down.
Lithium demand is growing over the long-term with more electric vehicles and other types of batteries being built around the world. But, there could be a decline if an agreement is signed between the US and Iran (which hasn't been signed at the time of writing).
PLS Group said that lithium market tightness is expected to persist, with constrained supply, strong demand and energy security support the long-term outlook.
The company has multiple project optionality that can help it expand its production in future years, such as P2000 which could double its production capacity.
According to the forecast on CMC Invest, the business is projected to generate 28.6 cents of earnings per share (EPS). It's valued at more than 22x FY27's estimated earnings, which I'd say is a high multiple for a miner. So, I'd rather look at other opportunities than PLS Group at this stage.
