What a turbulent 2022 it has been for the Mineral Resources Limited (ASX: MIN) share price.
After reaching an all-time high of $66.88 in January, the ASX mining share fell by about 35% to hit $43.72 in February.
In the following months, they climbed again to finish at $56.81 at Friday’s market close.
Overall in 2022, the Mineral Resources share price is up by 1.45%.
What’s the outlook for Mineral Resources?
The Mineral Resources share price has travelled predominately sideways since the second week of April. There’s been no news from the company since early May.
A catalyst for movement in the Mineral Resources share price this year could be rebounding iron ore prices. But the lithium sector is facing bearish sentiment.
Goldman Sachs recently released a report forecasting a severe drop in the price of lithium after it hit record highs.
This led to a number of popular ASX lithium shares erasing their meteoric gains captured in 2022.
Nonetheless, the improvement in iron ore prices but downward pressure on lithium prices has caught the eye of one broker.
As such, Credit Suisse analysts retained an outperform rating along with a price target of $73 for Mineral Resources shares. This implies an upside of close to 30% based on the last closing price.
The broker clearly believes that the market overreacted to Goldman Sachs’ news and this presents a buying opportunity.
With that in mind, Mineral Resources could be poised to shoot higher in the second half of 2022.
The company has a large exposure to iron ore and lithium assets along with a pipeline of key growth projects.
Mineral Resources share price snapshot
Regardless of the volatile swings, Minerals Resources shares are up 15% since this time last year.
By comparison, the S&P/ASX 300 Metals & Mining (ASX: XMM) index is 3% higher over the same time frame.
Based on valuation grounds, Mineral Resources commands a market capitalisation of roughly $10.75 billion.