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The Mineral Resources Ltd (ASX: MIN) share price is rocketing higher again today.
Shares in the beaten-down and heavily shorted S&P/ASX 200 Index (ASX: XJO) lithium miner and diversified resources producer closed up 16.0% yesterday at $4.83. In late morning trade today, shares are changing hands for $38.34, up 9.2%.
For some context, the ASX 200 is up 0.6% today.
Despite the strong two-day rally, the Mineral Resources share price remains down almost 46% in 2024.
But the ASX 200 mining stock could be poised to recoup a lot more of those losses, handing some potentially outsized gains to investors buying the stock today.
That’s according to JP Morgan (courtesy of The Australian).
The broker just raised Mineral Resources to an overweight rating with a $50 price target on its shares. That represents a potential gain of more than 30% from current levels.
What’s been boosting the Mineral Resources share price?
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