The share price of materials giant Mineral Resources Limited (ASX: MIN) has been struggling lately, tumbling more than 17% over the last 30 days.
But there could be light on the horizon for the lithium and iron ore producer, with one broker tipping a 41% upside on its stock.
At the time of writing, the Mineral Resources share price is $46.01. That's 21.6% lower than it was at the start of 2022.
For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 13% so far this year, as has the S&P/ASX 200 Materials Index (ASX: XMJ).
Let's take a closer look at what's been going on with the resources giant and what one broker expects for its future.
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Mineral Resources share price tipped to hit $65
The Mineral Resources share price has been plagued by retreating commodity prices and negative sentiment recently. But one broker expects the stock to perform a notable comeback.
Jefferies has reportedly upped its price target for Mineral Resources' stock to $65. The broker also slapped the company's shares with a buy rating, Livewire reports.
That would see the company's stock returning to trade around the 52-week high it reached in January.
A falling iron ore price and a lithium sell-off event have taken their toll on the company's shares since then.
Companies involved in lithium have had a rough slog over the last few weeks following a major turnaround on the market. Meanwhile, the price of iron ore has slumped around 28% since peaking in March.
Interestingly, there hasn't been much news from the company over the last few months. Though, it was added to the S&P/ASX 50 Index (ASX: XFL) in June.
