J.P. Morgan Upgrades Lithium Americas with New Price Target
J.P. Morgan has upgraded its rating for Lithium Americas (LAC) from neutral to overweight, setting a new price target of $6 per share—implying over 100% upside given the stock's current valuation near $3. This move comes after four other banks had recently cut their own targets and as lithium prices have dropped significantly since peaking in 2022. The upgrade is based on JPMorgan’s revised long-term outlook for lithium, which anticipates a market deficit through the end of the decade due to delayed Western greenfield supply. The bank also expressed increased confidence in Lithium Americas’ Thacker Pass project in Nevada—a key U.S. lithium asset—citing progress with engineering and procurement. Thacker Pass is described as the largest known measured lithium resource globally, forming a critical part of U.S. efforts to secure domestic battery material supply chains. The Department of Energy holds equity stakes through warrants tied to Lithium Americas’ restructured loan.
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