Pilbara Minerals' 2Q production was a 15% beat versus the consensus forecast and exceeded Morgans estimate by 10%. While sales exceeded the analyst's estimate by 2%, stronger pricing led to a 10% revenue beat.

Morgans lifts is mid-term lithium price forecast in the expectation of ongoing tight market conditions.

A growing cash pile allows capital management options, according to the broker. The target rises to $5.40 from $4.70. Add.

Sector: Materials.

Target price is $5.40.Current Price is $4.55. Difference: $0.85 - (brackets indicate current price is over target). If PLS meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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