Lithium is an essential metal used in the electric vehicle and energy storage industries. It is the key component of advanced battery cells used in cars, solar storage modules, and even cell phones and other consumer electronics. With lithium prices expected to increase in the coming years, it’s time to consider bargain alternative lithium stocks like Lithium Americas Corp. (NYSE: LAC).
Lithium Americas Corp. is a Canadian resource company with lithium extraction and processing projects in the United States and Argentina. It became profitable in 2020 and its earnings are forecast to grow by at least 40% over the next year. The stock has produced a return of 194.5% over the last year, compared to 18.5% in US Metals and Mining and 12.7% in the overall market.
Electric vehicles are likely to dominate the demand for lithium within the next ten years. The yearly demand for lithium will increase to 377,000 tons by 2030, compared to 242,000 tons today. The current supply won’t support that demand, so prices will inevitably increase. This puts Lithium Americas Corp. in an ideal position to capitalize on an evolving market.
Bargain investors can look forward to long-term prospects with this stock. Even in the short term, there’s an average target price of $10.84 to create swift returns.
- 1 Year Price Growth: 46%
- YTD Price Growth: 17%
- 3 Month Price Growth: 39%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.