Mineral Resources shares sink despite slate of price target upgrades
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The news: Mineral Resources was the worst performer on the ASX 200 by the end of morning trade even as analysts lifted their outlooks on the miner following its full-year production report.
The numbers: MinRes shares were down 9.3% to $27.92 at 11:40am AEST, having added 2.3% on Wednesday after the report was released. Fellow lithium-focused miners Pilbara Minerals (-6.2%) and Liontown Resources (-5.5%) were also lower.
Morgan Stanley retained its 'overweight' rating on the company but increased its price target from $35 to $37.50. Citi kept its 'neutral' rating and hiked its price target from $20 to $31. Morgans upgraded its rating from 'trim' to 'hold', lifting its price target from $30 to $31.
The context: Analysts were positive on MinRes after the miner met its full-year guidance across all segments, with its Onslow Iron project in Western Australia on track for nameplate capacity in the first quarter of fiscal 2026.
The sources: Morgan Stanley research, Citi research, Morgans research
