As previously reported, Morgan Stanley analyst Carlos De Alba downgraded MP Materials to Equal Weight from Overweight with a price target of $15.50, down from $26, citing a soft near-term price outlook for Neodymium Praseodymium, or NdPr. However, the performance of MP’s Stage I investments at Mountain Pass has “been a clear success,” with MP delivering “solid operational results” via the successful ramp of Stage I operations and initial oxide production from the company’s Stage II investments, the analyst added. Woodmac’s NdPr supply-demand outlook in 2024 and 2025 points to a slightly oversupplied market, the analyst tells investors.
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