MP Materials price target raised to $16 from $15.50 at BMO Capital

BMO Capital raised the firm’s price target on MP Materials to $16 from $15.50 and keeps a Market Perform rating on the shares. The firm noted that neodymium-praseodymium, or NdPr, prices have risen in recent weeks, and while Q3 may not fully benefit as price increases lagged, it provides some greenshoots heading into year-end, the analyst tells investors in a research note. The company has a strong financial position to ramp up rare earth separation and permanent magnet production, but while its long-term demand fundamentals are positive, the current low price environment limits near-term upside, BMO added.