Canaccord lowered the firm’s price target on MP Materials to $22 from $23 and keeps a Buy rating on the shares. The firm updated its estimates for continued growth in EVs, and expect demand to grow +10% year-over-year. In the long term, they think robotics could present a material rare earth demand driver as AI evolves.
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Read More on MP:
- MP Materials files to sell $500M of Convertible Senior Notes due 2030
- MP Materials announces new $300M share repurchase authorization
- MP Materials reports Q4 adjusted EPS (2c), consensus (4c)
- MP Materials options imply 6.5% move in share price post-earnings
- MP Materials price target lowered to $23 from $27 at Canaccord
