MP Materials price target raised to $67 from $20 at Deutsche Bank

Deutsche Bank analyst Corinne Blanchard raised the firm’s price target on MP Materials (MP) to $67 from $20 and keeps a Hold rating on the shares. The firm raised the price target following MP’s $500M partnership with Apple (AAPL) and agreement with the Department of Defense. Both agreements “significantly de-risk” MP’s operations, provide funding for portfolio expansion, and will help transform the company from a commodity producer vulnerable to Chinese pricing to a strategic partner with guaranteed pricing floor, the analyst tells investors in a research note.