William Blair initiated coverage of MP Materials (MP) with an Outperform rating and no price target MP is the only fully integrated U.S. mine-to-magnet producer, the analyst tells investors in a research note. The firm says the company’s Department of Defense partnership that includes a 10-year NdPr concentrate price floor and $500M magnets contract with Apple provides visibility. It believes MP could sign a major heavy rare earth supply agreement.
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