MP - Why MP Materials Stock Popped Again Tuesday
For the second day running , shares of MP Materials (NYSE: MP) , a miner of rare earth elements and the company that was once-upon-a-time known as Molycorp , are marching higher. Shares are up 9.9% as of 2 p.m. EST. The reason has to do with Morgan Stanley.
Yesterday, MP stock got its boost from Reuters, which ran a story highlighting how prices of rare earth elements (also known as rare earth metals) are shooting higher on strong demand for their use in manufacturing electric vehicles . Well apparently, Morgan Stanley reads Reuters, too, because this morning the investment banker announced it is initiating coverage of MP Materials stock with an overweight rating and a $57 price target that implies there's about 12% upside in the stock.
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Why MP Materials Stock Popped Again Tuesday