US Stocks Movement | MP Material continues to rise 1% pre-market, Needham optimistic about its "first-mover advantage" in the industry
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Glonghui, June 2|After rising 7.09% yesterday, MP Materials (MP.US) continues to climb 1.02% in pre-market US trading today, reaching $70. On the news side, investment bank Needham initiated coverage on MP Materials with a "Buy" rating and a target price of $81. Analyst Carter Goman stated that, as the largest rare earth materials producer in the Western Hemisphere, MP Materials is a "clear leader" in the industry and has a "first-mover advantage." He believes that as the global supply chain becomes increasingly segmented, the rare earth industry is at the early stage of an investment cycle that will persist for years. (Glonghui)
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