MP Materials Wins Buy Rating on Expanding Rare Earth Scale, Growing Magnetics Business, and Earnings Upside Potential

William Blair analyst Neal Dingmann has maintained their bullish stance on MP stock, giving a Buy rating today.

Neal Dingmann has given his Buy rating due to a combination of factors tied to MP Materials’ growing scale and strategic positioning in the rare earths supply chain. He highlights that MP is leveraging its role as the first major U.S. producer of rare earths, with record output of NdPr oxide and rare earth oxides translating into stronger revenues, EBITDA, and free cash flow despite a softer pricing environment.

He also emphasizes that MP’s downstream strategy is gaining traction, with the magnetics segment already contributing meaningful revenue and profitability as it ramps toward full commercial magnet deliveries. Additional confidence comes from MP’s long-term offtake discussions, progress on the 10x magnet facility, and early success in recycled rare earth processing for key customers like Apple, all of which support his view of further earnings growth and justify upside to his target price.