MP Materials initiated with a Market Perform at BMO Capital

BMO Capital analyst Greg Jones Jones initiated coverage of MP Materials with a Market Perform rating and $16.50 price target. MP is the largest producer of rare earth materials in the Western Hemisphere and is advancing an integrated U.S.-based rare earths business, the analyst tells investors in a research note. The firm believes MP will benefit from the increasing shift away from current China-dominated supply chains but expects the current low price environment for rare earths to weigh on shares in the near-term.