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MP Materials downgraded to Hold from Buy at Jefferies

Jefferies analyst Laurence Alexander downgraded MP Materials (MP) to Hold from Buy with a price target of $33, up from $32. The firm believes China’s shift to short-term export licenses for rare earth magnets reduces the risk of near-term shortages. The global policy response will likely focus on driving supply, while the demand outlook remains mixed for MP’s key markets of electronics, windmills, electric vehicles and robots, the analyst tells investors in a research note. As such, Jefferies views the stock’s risk/reward as neutral at best.

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