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UPDATE: Rare Earth Company Molycorp (MCP) Gets Even Rarer Upgrade

August 29, 2012 8:37 AM EDT Send to a Friend
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Price: $1.79 +2.87%

Rating Summary:
    5 Buy, 6 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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(Updated - August 29, 2012 9:09 AM EDT)

Shares of rare earth miner Molycorp (NYSE: MCP) are seeing upside after Gabelli upgraded from Hold to Buy this morning.

The firm said while speculative, they believe that the long-term prospects for the company remain attractive and that Molycorp is the best vehicle to gain exposure to the rare earth industry. They said the recent financing provides liquidity to the company through the first-half of 2013. This while the company is hitting its milestones to get Phase 1 production online on time and on budget.

They also said the risk are already priced in. "Although rare earth prices remain weak and cost overruns for Project Phoenix remain a risk, we believe much of the risk is reflected in the current stock price."

The firm has a 2013 PMV target of $21.

For an analyst ratings summary and ratings history on Molycorp click here. For more ratings news on Molycorp click here.

Shares of Molycorp closed at $10.75 yesterday.




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