MIN follows the iron ore and lithium price closely and at this stage of the cycle we can see the likes of fellow lithium names PLS Group (PLS) falling ~10% hence we are in no hurry to buy back into MIN. The stock rallied close to five fold over the last twelve months and the current pullback, at this stage, is nothing more sinister than consolidation following the stellar advance. A “washout” style move, sub $50, would provide some excellent risk/reward in our opinion.
- We exited MIN in January above $60 on valuation grounds; we are considering re-entering ~$48, or 6-8% lower, for the same reasons.
MM is bullish on MIN in the $48 area
Add To Hit List
