Here’s Why Rare Earth Stocks Are Popping Now
Simple answer: Molycorp (NYSE:MCP), a leading rare-earth mining company, had its outlooked bumped this morning by JP Morgan (NYSE:JPM) analysts. Currently trading at $53.35, JP set a new price tag for the stock of $107. Morgan also upped estimates of Molycorp’s quarterly EPS to reflect substantial increases in rare earth materials prices. Analysts at Pipper Jaffray also raised their outlook on the company this morning from Neutral to Overweight. MCP stock has taken very kindly to the news, trading up over 9% at last price check.
Here’s a look at how the news is making waves in the rare earth sector today:
Avalon Rare Metals Inc. (AMEX:AVL) up 6.12%, Thompson-Creek Metals (NYSE:TC), up slightly at .43%, up on gains of .83%, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) down .43%, Polymet Mining Corp., (AMEX:PLM) also off 1.42%, and General Moly Inc. (AMEX:GMO), up over 2.6%.