DA Davidson analyst Matt Summerville raised the firm’s price target on MP Materials to $23 from $20 and keeps a Buy rating on the shares after attending the Ai’s Mines, Magnets, and Motors 2024 event. After meeting with the company’s management, the firm has come away with its long-term bullish view on the stock “comfortably intact”, the analyst tells investors in a research note. DA Davidson expects MP’s Q3 key metrics to “align well” with its model, also noting that the company’s neodymium-praseodymium, or NdPr, supply/demand dynamics may support some gradual and sustained upward price movement, with a bottom likely in the rearview mirror and bolstered by the recent China stimulus, the firm added.
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