Jefferies analyst Laurence Alexander reiterated a Buy rating and $85.00 price target on MP Materials (NYSE: MP).

The analyst comments "MP expects Q3 NdPr production of >1k mt, with sales volumes likely flat QoQ on shipment timing and metallization lead times. Customer engagement remains strong. MP is confident of cash flow support from customers and government contracts, with upside potential from recycling revenues and higher NdPr prices. We expect new off-takes over the next few quarters, and a path to $300m-400m in magnet EBITDA."

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Shares of MP Materials closed at $54.53 yesterday.