PLS Group Ltd (ASX: PLS) shares are $4.57 apiece, up 6.3% on Friday after lithium prices pushed higher overnight.
The lithium spodumene price rose 0.49% to US$2,055 per tonne, while carbonate lifted 0.89% to US$20,965 per tonne.
Formerly known as Pilbara Minerals, PLS Group is the ASX 200's largest lithium share by market capitalisation.
PLS Group had a fantastic period of share price growth on the back of rapidly rebounding commodity prices in FY26.
The PLS share price soared 275% to $5.02 on 30 June, after hitting a record $6.81 during the month.
The lithium spodumene price soared 278%, and carbonate rose 160% over the financial year.
Lithium is rebounding after a two-year slump brought about by global oversupply.
Supply/demand finally rebalanced at the start of FY26, and the green energy transition is driving demand for lithium batteries to power new infrastructure and electric vehicles (EVs).
The company's flagship mine is Pilgangoora, the world's largest independent hard-rock lithium operation.
PLS Group released its 4Q FY26 report last week.
The miner reported full-year production of 879,500 tonnes of spodumene concentrate, up 17% year over year.
FY26 sales volumes totalled 891,600 tonnes, up 17% on FY25.
June quarter revenue was up 31% on the March quarter at $743 million.
The company had a cash balance of $2.29 billion on 30 June, up 57% in the fourth quarter.
PLS Group will release its full-year FY26 results on Monday, 24 August.
In the meantime, several experts have re-rated the ASX 200 lithium share.
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What do the experts think about PLS shares?
Over the past week, six brokers have reviewed their ratings and 12-month share price targets for PLS Group.
Ord Minnett reiterated its buy call on PLS shares but lowered its 12-month target from $6.20 to $6.
Canaccord Genuity also kept its buy call in place with a $6.40 target.
This is the highest price target among the six analysts, and suggests a 40% potential upside over the next year.
Macquarie also has a buy rating with a $6.25 target.
Morgan Stanley has a hold rating on PLS shares with a $5.15 target.
Bell Potter also retained a hold rating, but slashed its 12-month target from $6.15 to $4.70.
Analyst James Williamson commented on the miner's FY27 production guidance:
FY27 guidance points to SC production of 1.03-1.10Mt (up 21% YoY midpoint) and unit costs of A$575-625/t (up 5% YoY midpoint) with the higher-cost Nugungaju plant expected to ramp to full ~200kt capacity in October 2026.
Capital expenditure will step up materially to $630-685m (FY26 $328m) with key items including mine development of $250-280m with a major cutback across FY27-28 and P2000 pre-FID spend of $175m.
Williamson added:
At current lithium market prices, PLS will generate substantial earnings and cash flow with the restart of the 200ktpa Ngungaju processing plant.
P2000 and Colina development studies are being progressed, providing substantial organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.
Any sell recommendations?
Yes, Jarden reckons investors should sell PLS shares ahead of the company's full-year FY26 results.
The broker has a 12-month target of $3.10, which implies a potential 32% downside from here.
