BMO Capital upgraded MP Materials (MP) to Outperform from Market Perform with a price target of $75, down from $76. Rare earth prices have pulled back as China removed bans on rare earth export restrictions, but the U.S.’s rare earth supply chain vulnerability “has become blatantly apparent,” the analyst tells investors in a research note. BMO believes MP’s current valuation offers an attractive entry point. The company’s strategically important assets will continue to warrant a premium multiple versus peers, it contends.
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