JPMorgan Lifts Price Target On Molycorp (MCP) On Rising Domestic Chinese Rare Earth Prices
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Rating Summary:
2 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
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JPMorgan raised their price target on Overweight-rated Molycorp (NYSE: MCP) today from $66 to $74, citing the recent increase in domestic Chinese rare earth prices.
"While much focus has been on rising Chinese rare earth export prices, we think less attention has been paid to the recent increase in domestic Chinese rare earth prices," analyst Michael Gambardella stated.
Gambardella notes that since the beginning of 2011, domestic Ce prices are up 167 percent, La 87 percent, and Nd 103 percent. Export prices over this time were up 64 percent, 72 percent, and 100 percent, respectively.
The rising prices in China point to a healthier market in the country and "should be supportive of higher longer-term rare earth export prices."
The firm raised long-term price forecasts for Nd and Pr oxides closer to current Chinese domestic levels.
For more ratings news on Molycorp click here and for the rating history of Molycorp click here.
Shares of Molycorp closed at $55.51 yesterday.
"While much focus has been on rising Chinese rare earth export prices, we think less attention has been paid to the recent increase in domestic Chinese rare earth prices," analyst Michael Gambardella stated.
Gambardella notes that since the beginning of 2011, domestic Ce prices are up 167 percent, La 87 percent, and Nd 103 percent. Export prices over this time were up 64 percent, 72 percent, and 100 percent, respectively.
The rising prices in China point to a healthier market in the country and "should be supportive of higher longer-term rare earth export prices."
The firm raised long-term price forecasts for Nd and Pr oxides closer to current Chinese domestic levels.
For more ratings news on Molycorp click here and for the rating history of Molycorp click here.
Shares of Molycorp closed at $55.51 yesterday.
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