J.P. Morgan Upgrades Lithium Americas Stock with New Price Target
In a surprising move, J.P. Morgan upgraded its rating for Lithium Americas (LAC) from neutral to overweight and set a new price target of $6 per share on September 9, 2026—implying over 100% upside given the stock's current trading level near $3. This decision contrasts with four other banks that had cut their targets for LAC in August. The upgrade is based on JPMorgan’s revised long-term lithium price assumptions and increased confidence in Thacker Pass, Lithium Americas’ flagship project in Nevada. Thacker Pass represents the largest known measured lithium resource globally and forms a critical part of U.S. efforts to secure domestic battery material supply chains. General Motors holds 38% of the venture through an investment that includes rights to first-phase production. The Department of Energy also has equity stakes via warrants, reflecting federal interest in reducing reliance on foreign sources. JPMorgan cited progress at Thacker Pass—engineering over 95% complete and procurement more than 80% done—as a key factor behind the upgrade. It anticipates lithium market deficits through the end of the decade due to delays in Western greenfield projects, which supports its long-term price outlook.
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