MP Materials (MP) reported "strong" Q1 beats across the board, driven by record neodymium-praseodymium, or NdPr, oxide production and sales volumes, Wedbush said in a report Friday.

The report said the company is benefiting from scaling of its vertically integrated mine-to-magnet platform for NdPr, a key material for advanced magnet manufacturing.

MP also reiterated its view that NdPr oxide will remain the binding constraint for non-China magnet production for at least the next five years, the note said.

Wedbush kept its outperform rating and raised its price target to $100 from $90 on growing confidence in its growth prospects.

Price: 66.93, Change: -2.20, Percent Change: -3.18