Deutsche Bank Lowers Price Target on MP Materials to $40

Deutsche Bank lowered its price target for MP Materials from $53 to $40, while maintaining a "Buy" rating. MP Materials reported third-quarter earnings that beat analyst estimates. The company posted an unexpected adjusted profit. A near doubling of sales volumes for magnet-making rare earths drove these positive earnings.

CFO Ryan Corbett spoke at the D.A. Davidson Critical Minerals Conference on November 9. He discussed the company's progress in scaling rare earth and magnet production. FactSet reports the average analyst rating for MP Materials remains a "buy." The mean price target stands at $77.16.