MP Materials price target raised to $78 from $42 at BofA

BofA raised the firm’s price target on MP Materials (MP) to $78 from $42 and keeps a Buy rating on the shares. The firm “significantly” raised earnings estimates to account for the previously announced public-private partnership between MP and the U.S. Department of Defense, citing a 33% increase in its forecast domestic U.S. realized NdPr price from for MP as well as the assumption of fewer oxide sales to China and an increased contribution from magnet sales.