...couldn't come soon enough as I had expected instos to dump...

...couldn't come soon enough as I had expected instos to dump the stock.

...the rise from $30 should not have happened.
Barrenjoey downgrades MinRes after Ellison tax allegations

Joshua Peach

Analysts at Barrenjoey have downgraded their outlook for Mineral Resources following revelations brought to light by The Australian Financial Review that CEO Chris Ellison had allegedly evaded tax for years.

Brokers at the firm cut their rating on the stock from overweight to neutral and slashed the price target to $42 from $54.

“There are several overlapping concerns that cause us to lift our equity risk premium for [Mineral Resources],” they said, adding that concerns over the performance of the company’s Wodgina and Onslow sites also factored into the downgrade.

Shares in MinRes are down 3.6 per cent to $36.49.