Morgan Stanley upgraded MP Materials (MP) to Overweight from Equal Weight with a price target of $71, up from $68.50. The firm says China’s one-year pause on rare earth restrictions does not solve the U.S.’s critical mineral dependency issues. MP is positioned to benefit as the U.S. looks to develop a robust supply chain outside of China, the analyst tells investors in a research note. Morgan Stanley sees potential for more commercial deals to be announced as magnet users diversify.
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