MP - MP Materials shares gains after bullish initiation at Morgan Stanley

MP Materials (MP) jumped almost 10% after Morgan Stanley initiated the shares earlier with an overweight rating and a $57 price target with the title  of the research report "If You Like EV, You'll Love MP."MP expected to benefit as its the largest U.S.-based miner of rare earths and its a play on electric vehicles and electrification trends in wind turbines, according to Morgan Stanley analyst Carlos De Alba.De Alba said MP is poised to benefit from secular demand growth from green energy applications. He calls the company a "transformational story" with a fully funded balance sheet.In addition, MP Materials should benefit as U.S. national security incentives will favor a U.S.-based producer since currently China is home to 84% of the refined rare earth production.The shares got a boost during the 1pm hour when De Alba appeared on CNBC to discuss his initiation of the stock.MP short interest 11.6% of float.Recall Feb.

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MP Materials shares gains after bullish initiation at Morgan Stanley