Why Is Standard Lithium Stock Flying?
Standard Lithium (NYSEMKT: SLI) was trading 10.6% higher as of 11:40 a.m. EDT Wednesday. Factoring in those gains, the lithium stock has rallied an astounding 24% in just the past week as more analysts are turning bullish about the company's prospects.
On Wednesday morning, Canaccord increased its price target on Standard Lithium to 14 Canadian dollars from CA$9.25 while maintaining a buy rating on the stock. Canaccord analyst Katie Lachapelle said she was impressed by the preliminary economic assessment for a lithium project that Standard Lithium released on Tuesday.
Standard Lithium has two agreements that form the base of its business: a joint venture with Germany-based chemical giant Lanxess to extract lithium from the brine Lanxess produces as a byproduct at its bromine facilities in the Smackover brine region in south Arkansas, and a deal with Tetra Technologies (NYSE: TTI) that gives it the right to extract lithium from Tetra's brine leases in Arkansas.
Source Fool.com
