Morgans observes Pilbara Minerals' March quarter performance was disrupted by ramp-up and tie-in activities, although FY25 guidance was maintained and the P1000 project continues to progress in line with expectations.

The broker expects operational improvements to emerge in the June quarter and sees Pilbara Minerals as better positioned than peers due to its scale and long-term expansion strategy.

Morgans retains an Add rating and lowers the target price to $2.30 from $2.40.

Sector: Materials.

Target price is $2.30.Current Price is $1.43. Difference: $0.87 - (brackets indicate current price is over target). If PLS meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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