Pilbara Minerals (ASX:PLS) delivered a strong quarter at the revenue level relative to Jefferies estimates and market expectations, said Jefferies in a Friday note.

The company on Friday reported production of 208,000 tonnes of spodumene concentrate and sales of 232,000 tonnes for the three months ended Dec. 31, 2025.

Pricing momentum heading into the second half of fiscal 2026 supports a resilient outlook, Jefferies added.

Updates on the Ngungaju operation, the P2000 expansion project, and the Colina project are expected by March, which are all expected to influence the company's growth trajectory and lead to a reassessment of market share expectations, the note added.

Jefferies maintained its hold rating on PLS and reduced its price target to AU$4 from AU$4.25.