BofA analyst Lawson Winder lowered the firm’s price target on MP Materials to $25 from $30 and keeps a Buy rating on the shares. The firm’s target cut is driven by lower Neodymium Praseodymium, or NdPr, price forecasts due to softer-than-expected NdPr demand growth from wind turbines, electric vehicles and industrial products in China. However, BofA thinks NdPr prices have bottomed in Q1 and remains constructive on the medium to long-term outlook as it sees MP driving value creation as it captures downstream profits through the Stages 2 and 3 expansions, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
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