MP Materials Corp. (MP) surged 9.58% during intraday trading on Friday, extending its recent positive momentum.

The sharp rise was driven by a series of bullish analyst actions and strong fundamental results. Investment bank Wedbush raised its price target on MP Materials to $100 from $90, maintaining an Outperform rating following the company's "strong" first-quarter earnings report. Separately, Canaccord Genuity increased its target price to $82 from $79.

The company's recent quarterly results significantly exceeded expectations, with revenue jumping 49% year-over-year. The positive sentiment was further bolstered by an update that the company expects to begin commissioning its heavy rare earths separation circuit in the current quarter, alongside reinforced sector momentum from recent industry acquisitions.