MP Materials price target lowered to $20 from $24 at Baird

Baird lowered the firm’s price target on MP Materials to $20 from $24 and keeps an Outperform rating on the shares. The firm adjusted its model for NdPr pricing movements in Q2 which were weak. Baird continues to believe the comapny is executing well on its fully integrated “rare earth to magnet” strategy and believes the benefits will become evident as NdPr pricing rebounds which will likely partly driven by increased EV production.