MP Materials price target lowered to $25 from $30 at BofA

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.