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Mineral Resources share price rises as Macquarie tips 54% upside

Is Mineral Resources tipped to outperform?

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • The Mineral Resources share price finished today 1% in the green 
  • However, analysts at Macquarie are tipping that the company's share price could rise to $95 
  • Mineral Resources has two hard rock lithium mines 

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?

Happy miner with his arms folded.

Image source: Getty Images

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.

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.

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