Mineral Resources share price rises as Macquarie tips 54% upside

The Mineral Resources Limited (ASX: MIN) share price lifted today amid a broker upgrade.

The ASX materials share climbed 1.08% to close at $61.56. In contrast, the S&P/ASX 200 Index (ASX: XJO) fell 0.95% today.

So what is the outlook for Mineral Resources?

Broker lifts price target

Mineral Resources shares lifted slightly today following a broker upgrade.

The Macquarie Group Ltd (ASX: MQG) has boosted the price target on Mineral Resources’ share price to $95 per share. This is 54% more than the current share price.

Analysts have also provided optimism on lithium prices and EV sales. Analysts at Macquarie said “we upgrade the medium-term lithium carbon and hydroxide price outlook”.

Macquarie predicted prices of lithium to “stay high for longer”, adding:

We also lift our regional lithium price forecasts to match the pricing strength in China.

Further, Macquarie predicted electric vehicle (EV) sales to “grow strongly” in 2022, despite the cost of batteries lifting.

Analysts predict EV sales to grow to 10 million this year, more than 50% compared to the previous year.

Macquarie also tipped the share prices of ASX lithium shares Pilbara Minerals Ltd (ASX: PLS), Allkem Ltd (ASX: AKE) and Liontown Resources Ltd (ASX: LTR) to lift.

Mineral Resources share price snapshot

The Mineral Resources share price has risen nearly 21% in the past year, while it has climbed nearly 10% year to date.

In the past month, the company’s share price has soared nearly 30%.

Mineral Resources has a market capitalisation of about $11.7 billion based on the current share price.

The post Mineral Resources share price rises as Macquarie tips 54% upside appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why these ASX lithium shares are outperforming the market today
• Top brokers name 3 ASX shares to buy next week
• Why has the Mineral Resources share price surged 40% in a month?
• Do any ASX lithium shares pay dividends?
• Analysts name 2 ASX dividend shares to buy next week

Motley Fool contributor Monica O’Shea 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.

from The Motley Fool Australia https://ift.tt/UuL3vZ0