The Mineral Resources Limited (ASX: MIN) share price has leapt 40% in the past month.
After reaching a low of $43.37 on 15 July, the miner's shares sharply continued to rebound in the following weeks.
At market close today, Mineral Resources shares finished trading up 0.08% at $60.52.
For context, the S&P/ASX 200 Index (ASX: XJO) is up 7.90% over the same time frame.
Let's take a closer look and see what's been boosting Minerals Resources shares lately.
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What's been lifting the Mineral Resources share price?
It appears that investors are buying up the Mineral Resources share price as confidence in the market is regaining momentum.
After Goldman Sachs released a report forecasting a severe drop in lithium prices in the near term, the sector tumbled.
This led to a number of popular lithium shares erasing their meteoric gains achieved in 2022.
However, since then, lithium prices have maintained posture with investors shrugging off the bearish sentiment.
Also, providing a major boost is the recent quarterly report from Mineral Resources which highlighted record production volumes for FY22.
The news sent the company's shares flying 9.04% on the day to finish at $53.21.
And if that wasn't enough, two prominent brokers revised their outlook on the miner's shares.
Analysts at Bell Potter raised its price target by 8.2% to $75.75 per share for Mineral Resources. Based on the current price, this implies an upside of around 24%.
On the other hand, Macquarie also took the liberty of adjusting its price target by 4% to a bullish $85 per share. This represents an upside of almost 40% from where it trades today.
How have Mineral Resources shares performed in 2022?
After a choppy 8 months, the Mineral Resources share price has returned an 8% gain to investors.
In comparison, the S&P/ASX 200 Resources Index (ASX: XJR) is down 4% over the same period.
On valuation grounds, Mineral Resources presides a market capitalisation of roughly $11.46 billion.
