Analysts Offer Insights on Materials Companies: MP Materials (NYSE: MP), Albemarle (NYSE: ALB) and Balchem (NASDAQ: BCPC)We are upgrading MP YE26 price target of $71/ sh. MP is developing a fully domestic rare earth mine-to-magnet supply chain in the US with plans to begin commercial production of permanent magnets used in the majority of electric vehicles motors, a growing number of offshore wind turbines and the long-term attractive humanoids market, by the end of 2025. Geopolitical tensions, although temporarily subdued, continue to raise doubts about the supply of these critical components and elevate MP’s strategic value, as evidenced by the historic deal with the Department of Defense this summer and more recently with the JV between the DoD, MP and Ma'aden. We increase our PT as we roll it to YE26 and see a 4:1 Bull-Bear skew. Moreover, we remove our base case range given increased clarity on mechanics of the PPA agreement between MP and the DoD.