Could the Mineral Resources share price unload another 41% of upside?

The share price of materials giant Mineral Resources Limited (ASX: MIN) has been struggling lately, tumbling more than 17% over the last 30 days.

But there could be light on the horizon for the lithium and iron ore producer, with one broker tipping a 41% upside on its stock.

At the time of writing, the Mineral Resources share price is $46.01. That’s 21.6% lower than it was at the start of 2022.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 13% so far this year, as has the S&P/ASX 200 Materials Index (ASX: XMJ).

Let’s take a closer look at what’s been going on with the resources giant and what one broker expects for its future.

Mineral Resources share price tipped to hit $65

The Mineral Resources share price has been plagued by retreating commodity prices and negative sentiment recently. But one broker expects the stock to perform a notable comeback.

Jefferies has reportedly upped its price target for Mineral Resources’ stock to $65. The broker also slapped the company’s shares with a buy rating, Livewire reports.

That would see the company’s stock returning to trade around the 52-week high it reached in January.

A falling iron ore price and a lithium sell-off event have taken their toll on the company’s shares since then.

Companies involved in lithium have had a rough slog over the last few weeks following a major turnaround on the market. Meanwhile, the price of iron ore has slumped around 28% since peaking in March.

Interestingly, there hasn’t been much news from the company over the last few months. Though, it was added to the S&P/ASX 50 Index (ASX: XFL) in June.

The post Could the Mineral Resources share price unload another 41% of upside? appeared first on The Motley Fool Australia.

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• Why did the Mineral Resources share price fall 10% in the 2022 financial year?
• The Mineral Resources share price is leaping higher again today. Here’s why
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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