Molycorp Given New $8.00 Price Target at DA Davidson (MCP)
Equities researchers at DA Davidson lifted their price objective on shares of Molycorp (NYSE:MCP) from $6.00 to $8.00 in a research report issued on Thursday, Stock Ratings Network reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price target suggests a potential upside of 42.35% from the company’s current price.
The analysts wrote, “With heavy modernization and expansion investments at the key Mountain Pass facility, Molycorp is uniquely positioned to become the most prominent, vertically integrated, low-cost supplier of rare earth materials outside of China,” the report said. “Application of rare earths in high-growth end markets such as semiconductors, hybrid and electric vehicles, wind turbines and lasers is expected to raise demand at a 9% CAGR through 2016.”
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Molycorp in a research note to investors on Friday, November 8th. They now have a $5.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Molycorp from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday, November 7th. They now have a $4.60 price target on the stock. Finally, analysts at Cowen and Company raised their price target on shares of Molycorp from $5.13 to $8.60 in a research note to investors on Tuesday, October 15th. They now have a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $29.37.
Shares of Molycorp (NYSE:MCP) opened at 5.62 on Thursday. Molycorp has a 52-week low of $4.51 and a 52-week high of $11.81. The stock’s 50-day moving average is $4.81 and its 200-day moving average is $5.96. The company’s market cap is $1.351 billion.
Molycorp (NYSE:MCP) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.29) by $0.02. The company had revenue of $149.10 million for the quarter, compared to the consensus estimate of $162.59 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The company’s quarterly revenue was down 27.3% on a year-over-year basis.
Molycorp, Inc provides Rare Earths and Molybdenum products to companies. The Company’s rare earth products comprise of bastnasite, cerium, europium, lanthanum, neodymium, praseodymium, yttrium, and other lanthanides.
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