MP Materials price target raised to $18.50 from $16 at BMO Capital

BMO Capital raised the firm’s price target on MP Materials (MP) to $18.50 from $16 and keeps a Market Perform rating on the shares. The firm is citing the US Treasury’s final rules for the 45X production tax credit, extending it to include material and extraction costs of applicable critical minerals, including rare earths, while noting that as a vertically-integrated miner/processor, MP stands to benefit from the update, the analyst tells investors in a research note.