Energy Fuels price target raised to $22 from $11 at B. Riley

B. Riley raised the firm’s price target on Energy Fuels (UUUU) to $22 from $11 and keeps a Buy rating on the shares. The growing demand for rare earth elements from defense, electric vehicle, and clean energy applications is creating a structural supply deficit, necessitating enhanced domestic supply chain development, the analyst tells investors in a research note. The precedent-setting DoD deal with MP (MP) has unleashed opportunities across the domestic supply chain, accelerating project development and capacity expansion throughout Western rare earth industry, the firm says.