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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Source Fool.com
