The company could get its lithium mine operational in time to take advantage of high prices.
Sigma Lithium has more room to run even after already surging more than 100% in 2022, according to Bank of America. Analyst Matthew DeYoe, who has a buy rating on the stock, hiked his price target on Sigma to $37 per share. That's 28% above Wednesday's close of $28.87. Sigma Lithium is "moving into the most critical three months" of construction on its Xuxa lithium project in Brazil, the analyst said.
According to Benchmark , a firm that tracks lithium prices, the commodity's value is up more than 300% over the past year and 122% in 2022. Sigma's stock value has followed lithium higher. Shares of the lithium company have more than doubled this year, and they have soared more than 200% over the past 12 months. Despite these sharp gains, DeYoe thinks the stock can keep going higher.
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