It has been another disappointing day for the Mineral Resources Ltd (ASX: MIN) share price.
In afternoon trade, the mining and mining services company's shares are down almost 2% to a 52-week low of $59.91.
This latest decline means that its shares are now down 38% from their 52-week high.
What is going on with the Mineral Resources share price?
Investors have been hitting the sell button recently amid concerns over falling lithium prices.
It isn't just Mineral Resources that has been impacted. A number of ASX lithium shares have fallen heavily over the past few months.
For example, the Allkem Ltd (ASX: AKE) share price is down 33% in three months and the Core Lithium Ltd (ASX: CXO) share price is down 62% over the same period. Though, the latter was also impacted by weaker-than-expected guidance.
Have its shares now bottomed?
The team at Goldman Sachs believes the Mineral Resources share price could still fall further from here.
A recent note reveals that its analysts have a sell rating and a $53 price target on its shares. This implies a potential downside of almost 12%. It said:
We still forecast a more than doubling of group lithium volumes (spodumene) to ~100ktpa of LCE, growth in equity iron ore volumes to >20Mtpa, and >20% increase in mining services volumes (mostly from internal projects) to >320Mtpa. However, due to a step-up in growth capex at Ashburton, and our below consensus lithium price forecasts, we forecast low/negative FCF across FY24-25 and a FCF yield of -7%/-2% over these years.
