MinRes finds support after scandal-led rout, Citi upgrades to neutral
** Shares of Australia's Mineral Resources MIN.AX erases early gains of 5.9% to trade flat as of 0401 GMT
** MIN stock set to end the week around 0.7% in green following a sharp 17% decline over the last two weeks in the wake of founder Chris Ellison's tax evasion scandal and closure of its Bald Hill lithium mine in Western Australia
** MIN shares are down nearly 26% since Oct. 21 when reports of Ellison's tax evasion first came out
** Citi upgrades its rating on MIN to "neutral" from "sell" but retains target price of A$35.00
** Brokerage says MIN's assets have not fundamentally changed but continues to see limited "incremental buyers of the stock" as MIN faces governance and leadership overhang
** Five of 15 analysts rate the stock "buy" or higher, eight "hold", and two "sell" or lower; their median PT is A$40.50 - LSEG data
** Including day's moves, stock down ~51% this year
Reporting by Namrata Verma in Bengaluru
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