Wedbush bullish on MP Materials, initiates with an Outperform

As previously reported, Wedbush initiated coverage of MP Materials (MP) with an Outperform rating and $90 price target The firm says MP is the only fully integrated rare earth producer in the U.S., owning and operating the Mountain Pass Mine in California and its Independence magnet manufacturing facility in Forth Worth, Texas. Furthermore, Wedbush argues that vertical integration is the most underappreciated dimension of the MP story. The cross-pollination between Mountain Pass and Independence creates cost and quality advantages that flow in both directions, Wedbush adds.