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?
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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.
