Over recent months, the short position in local lithium heavyweight Pilbara (PLS) has been cut from ~22% to around 14%. We believe the stock is “looking for/found a low”—Shawn’s Trading Ideas has been long PLS since early December, with stops under $2.04 and targets over $3.
- In general, we like the quality cashed-up lithium (Li) stocks at current levels, believing they will trade higher over the coming months.
- We like the risk/reward for PLS, with a recovery back towards $3 looking/feeling like a strong possibility, i.e., over 20% upside.
MM is cautiously bullish towards PLS
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