JPMorgan analyst Bill Peterson initiated coverage of MP Materials with an Overweight rating and $27 price target. The analyst expects upside to the company’s near-term pricing given China cost support estimated and further upside longer-term on solid demand growth and lagging supply. MP is well positioned to take advantage of a strengthening market for neodymium-praseodymium as it should be one of the lowest-cost producers in the world and an attractive partner for customers looking to secure a domestic source of supply, the analyst tells investors in a research note.
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Read More on MP:
- MP Materials reports Q2 EPS 9c, consensus 6c
- MP Materials price target lowered to $24 from $26 at Deutsche Bank
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