Pilbara Minerals' (ASX:PLS) fiscal first-half results show it remains profitable, though 'just,' and is the safest investment among its peers, despite ongoing weakness in lithium prices, due to its strong balance sheet, low cash costs, and a clear strategy, according to a Thursday note by Euroz Hartley.
Euroz Hartley says a key catalyst for a lithium cycle rebound is a breakthrough in large-scale electric vehicle (EV) manufacturing in the US, with investments from China seen as the most likely accelerator.
Allowing Chinese investment would leverage their existing low-cost EV research and development, while without it, the US faces a costly, long-term, and uncertain path to replicate China's advancements, Euroz added.
Euroz maintained Pilbara Minerals' buy rating while lowering its price target to AU$2.83 from AU$3.50.
Shares of the company fell nearly 2% at market close.
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