TLDR
- JPMorgan upgraded Lithium Americas from Neutral to Overweight with a $6.00 price target, implying 100% upside from the prior close.
- The upgrade followed JPMorgan’s internal commodity refresh, which raised lithium price assumptions and lifted net asset value projections from 2029 onward.
- Lithium carbonate equivalent pricing currently stands at $22.30 per kilogram, holding above $20/kg since mid-February.
- Thacker Pass construction is well advanced, with detailed engineering over 95% complete and procurement over 80% done.
- LAC stock had fallen roughly 35% over the prior six months and was trading near its 52-week low before today’s move.
Lithium Americas Corp (LAC) jumped 3.3% in pre-market trading on September 9, 2026, after JPMorgan upgraded the stock from Neutral to Overweight. The stock was trading around $3.00 before the move.
JPMorgan set a price target of $6.00 in U.S. dollars, equivalent to C$8.00. That target implies roughly 100% upside from where the stock was trading.
The upgrade came off the back of JPMorgan’s June commodity refresh. The bank revised its lithium price assumptions upward, which fed directly into higher net asset value projections for Lithium Americas from 2029 onward.
Lithium carbonate equivalent pricing has held above $20 per kilogram since mid-February. It currently sits at $22.30 per kilogram. JPMorgan also flagged an expected supply deficit through the end of the decade.
The bank pointed to Western greenfield lithium projects remaining largely on the sidelines. Slower capital deployment and longer ramp-up timelines for previously curtailed assets are keeping new supply off the market.
That backdrop puts Thacker Pass, LAC’s flagship Nevada project, in a favorable position as a domestic U.S. lithium source. JPMorgan cited continued U.S. policy focus on securing domestic critical mineral supply as a supporting factor.
Thacker Pass Construction Progress
Construction at Thacker Pass is moving along. Detailed engineering is more than 95% complete and procurement is more than 80% finished.
JPMorgan established a December 2027 price target date, saying the upgrade reflects increasing confidence in Thacker Pass execution. The bank also pointed to improved cost visibility and de-risked build timelines.
The mine is planned to become the first large-scale lithium production facility in the United States. Total planned capacity is 160,000 metric tons of lithium carbonate equivalent across multiple phases.
Goldman Sachs Takes a Different View
Goldman Sachs has initiated coverage on LAC with a Neutral rating. Goldman set a price target of $4.50, below JPMorgan’s $6.00 target, while noting the competitive operating costs expected from Thacker Pass’s high-grade deposit.
InvestingPro flagged LAC as appearing overvalued at current levels based on Fair Value calculations. The platform also noted the stock carries a beta of 3.47, putting it among the more volatile names in the market.
LAC had been under pressure heading into today. The stock shed around 35% over the prior six months and was sitting near its 52-week low before the JPMorgan call hit.
The broader market was not helping. The S&P 500, Dow Jones, and Nasdaq were all edging lower in pre-market. Today’s move in LAC was driven by the analyst upgrade, not by any macro tailwind.
In other recent news, Lithium Americas shareholders approved all proposals at the company’s annual and special meeting. Holders representing over 83 million votes participated, achieving a quorum.
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