JPMorgan Cuts Target on Molycorp (MCP) from $57 to $39, Maintains Neutral

JPMorgan's Michael Gambardella reduced his price target on shares of Molycorp (NYSE: MCP) from $57 to $39 Wednesday morning. The analyst maintains a Neutral rating.

The analyst argues export quotas as well as continually ramping production within China from both Molycorp and Lynas will create further downward pressure on rare earth prices.

With shares of Molycorp closing at $28 even Tuesday afternoon, Gambardella's new price target still implies potential upside of about 39 percent.

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

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