MP Materials price target raised to $29 from $22 at BMO Capital

BMO Capital raised the firm’s price target on MP Materials (MP) to $29 from $22 and keeps a Market Perform rating on the shares. Rare earths have been topical of late with China proposing new regulations to exert greater domestic control, and have been a key talking point of the new U.S. administration with President Trump outlining ambitions for the U.S. to establish a leading position as a producer/processor of rare earth minerals and secure additional resources, the analyst tells investors in a research note. The scarcity value of U.S. domestic production at scale has helped to drive up the stock 70% year-to-date, the firm adds.