MP Material stock rises as JPMorgan initiates coverage at overweight

MP Material Corp. stock
MP,
+3.34%
stock was up by 2.4% in premarket trades Thursday after analysts at J.P. Morgan initiated coverage of the rare earths producer with an overweight rating and price target of $27 a share. The company’s share price has fallen 11% so far in the quarter, while prices of neodymium-praseodymium have rallied about 12% since July’s low, said analyst Allen Gong. Prior to Thursday’s moves, MP Material stock was down by 16.3% in 2023, compared to a 17.6% increase by the S&P 500
SPX,
+0.03%.