JPMorgan raised the firm’s price target on MP Materials (MP) to $64 from $18 and keeps a Neutral rating on the shares. The firm updated the company’s model ahead of the Q2 report. The firm sees an “earnings floor” following the disclosed partnership with Apple. MP now has the best visibility of any company in the sector, which warrants a premium multiple, the analyst tells investors in a research note. However, JPMorgan believes the MP’s growth is largely priced in at current share levels.
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