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Top broker tips Vulcan Energy (ASX:VUL) share price to more than double

This lithium share could be in the buy zone…
The post Top broker tips Vulcan Energy (ASX:VUL) share price to more than double appeared first on The Motley Fool Australia. –

The Vulcan Energy Resources Ltd (ASX: VUL) share price has been an exceptionally strong performer in 2021.

Since the start of the year, the lithium explorer’s shares have risen a remarkable 250% to $9.72.

This is despite the company being targeted by a short seller in recent months.

Can the Vulcan Energy share price keep rising?

One leading broker isn’t worried by the short seller attack and continues to tip the Vulcan Energy share price to rise further.

According to a recent note out of Canaccord Genuity, its analysts have retained their buy (speculative) rating and $21.00 price target on the company’s shares.

Based on the current Vulcan Energy share price, this implies potential upside of 116% for investors over the next 12 months.

What did the broker say about this lithium share?

Canaccord Genuity notes that the company has just signed a binding offtake agreement with automotive giant Stellantis.

Stellantis is the name behind popular car brands including Peugeot, Citroen, Fiat, Chrysler, Jeep, Abarth, Alfa Romeo and Maserati.

The broker commented: “Vulcan has announced that it has signed a binding offtake agreement with Stellantis for 81-99kt of lithium hydroxide over five years from 2026. We believe this is the largest hydroxide offtake agreement by tonnage signed globally to date and represents a significant step in Vulcan securing its customer pipeline with tier 1 customers.”

What else?

Outside this latest development, Canaccord Genuity is positive on the Vulcan Energy share price due to the company’s potential to supply the European market with lithium.

The broker explained: “We reiterate our support for the [Zero Carbon Lithium] project given its potential to: supply lithium to the European market; fundamentally shift the lithium industry carbon cost curve; and produce high quality lithium products at low unit costs.”

The post Top broker tips Vulcan Energy (ASX:VUL) share price to more than double appeared first on The Motley Fool Australia.

Should you invest $1,000 in Vulcan right now?

Before you consider Vulcan, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Vulcan wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why Domino’s, Healius, Kogan, and Vulcan shares are pushing higher

Vulcan (ASX:VUL) share price falls 6% despite auto giant agreement

Vulcan Energy (ASX:VUL) share price leaps 10% on new lithium deal

Vulcan (ASX:VUL) share price on watch following Renault agreement

Vulcan (ASX:VUL) share price falls despite acquisition update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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