DA Davidson analyst Matt Summerville lowered the firm’s price target on MP Materials to $42 from $50 but keeps a Buy rating on the shares ahead of its Q1 results next month. Pricing has been on a steady downward trajectory since early March, but the current market prices are not indicative of the long-term supply gap expected to emerge as the result of the electrification of transportation and increasing reliance on wind power, the analyst tells investors in a research note. The firm adds that the company’s key legacy end markets for NdFeB magnets also remain sluggish.
Published first on TheFly
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