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The Mineral Resources Limited (ASX: MIN) The stock price on Friday ended in green, adding impressive growth over the past week.
At the close, the company’s shares rose 0.83% to $ 59.82 apiece.
This means that over the past five days of trading they have grown by more than 10%.
What do experts think about mineral resources?
Investors seem optimistic about the company’s prospects, sending Mineral Resources ’share price higher.
Although the company has not published any news in the last few days, it has recently attracted the attention of one broker.
The Credit Suisse team started covering mineral resources with an initial rating that exceeds the results.
Thus, the broker placed a bullish target price of $ 73.00 on the company’s stock. Based on the current price, this means an increase of about 22% for investors.
Credit Suisse is confident in top-level mining due to its high exposure to iron ore and lithium.
The company has a number of mining projects for the coming years and is expected to develop further.
As my stupid colleague James pointed out, analysts predict that the company will pay dividends of 86 cents per share at £ 22. However, it is expected to increase significantly to $ 4.41 per share in the next fiscal year.
The price of iron ore rose after reaching a 52-week low of $ 91.98 in November 2021. Currently The ingredient for steel production is attractive $ 131.92 per tonne, an improvement of more than 43% in six months.
In addition, price of lithium carbonate rose to 457,500 Chinese yuan per metric ton (about 97,000 Australian dollars). That means an increase of almost 420% last year.
Demand for electric vehicles has accelerated recently following global pressure from world governments on low carbon emissions. This year, supplies of electric vehicles to China are expected to reach five million units. This is compared to the 3 million sales achieved last year.
Snapshot of Mineral Resources stock price
Rising prices for iron ore and lithium since November 2021 have provided the company with big profits.
However, the share price of Mineral Resources in 2022 increased mostly by 6%.
Based on the assessment of mineral resources, Fr. market capitalization about $ 11.50 billion.