** Jefferies says its site visit to Mineral Resources' MIN.AX Onslow iron ore project in Western Australia showed path to improved company-level cash flows
** Brokerage says early-stage risks around discount pricing, logistics and funding complexity remain, but MinRes has shown signs of delivering nameplate capability, or intended full-load sustained output of a mine
** Jefferies sees the iron ore project asset transitioning to earnings contributor over FY26, offering upside through margin capture and potential stage 2 expansion
** Brokerage rates stock "buy" with A$25 PT
** 7 of 14 analysts rate the stock "buy" or higher, 4 "hold" and 3 "sell" or lower; median PT A$25.35 - according to data compiled by LSEG
** Stock down 42.8% YTD
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com))
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