JPMorgan upgraded MP Materials (MP) to Overweight from Neutral with a price target of $74, down from $75, post the Q3 report. The firm believes rare earths national security concerns are “here to stay” despite China’s reported one-year pause on export restrictions. Risks remain, especially for military exposure, the analyst tells investors in a research note. JPMorgan says MPs “unique” mine-to-magnet vertical integration positions the company as the outside China leader “ready to immediately begin addressing these concerns.” It believes the company’s national security importance is underappreciated at current share levels.
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