MP Materials (MP) recent agreements with the US Department of Defense and its $500 million partnership with Apple (AAPL) significantly reduce operational risk, helping the company transition from a commodity producer susceptible to Chinese pricing to a strategic partner, Deutsche Bank said in a note Thursday.
Deutsche Bank maintained a hold rating on the stock but raised its price target to $67 from $20.
While recognizing the value of the recent partnership agreements in providing MP Materials with critical funding, the Deutsche Bank analysts said "we believe most risk/rewards are now fully priced in."
MP Materials shares were 1.5% higher at $59.40 in recent trading.
Price: 58.18, Change: -0.37, Percent Change: -0.63
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