MP Materials price target raised to $112 from $78 at BofA

BofA raised the firm’s price target on MP Materials (MP) to $112 from $78 and keeps a Buy rating on the shares. Recently tightened rare earths export controls by China highlight the need for Western magnet makers and end-users to prioritize supply security, says the analyst, who calls MP “an unmatched vehicle for exposure.” The firm, which updated its model to incorporate incremental earnings from processing recycled rare earths feedstock, separated heavy rare earths oxides and the assumption of no oxide sales to China, now sees a path to adjusted EBITDA of $965M by 2029, up from a prior forecast of $806M.