MP Materials price target raised to $79 from $77 at Canaccord

Canaccord raised the firm’s price target on MP Materials (MP) to $79 from $77 and keeps a Buy rating on the shares. The U.S. deal with MP was “a triumphant start,” says the analyst, who expects “a full divergence” between Chinese rare earths and magnet prices and those in the U.S. and West. Prices need to provide an economic incentive to mine and refine them outside of China and the firm expects more U.S. government involvement to “establish that price and break China’s mercantilist policies,” the analyst added.