Core Viewpoint - BofA has raised the price target for MP Materials (MP) to $112 from $78, maintaining a Buy rating, emphasizing the importance of supply security for Western magnet makers due to China's tightened rare earth export controls [1] Group 1: Price Target and Rating - BofA increased the price target for MP Materials to $112 from $78 [1] - The firm maintains a Buy rating on MP shares [1] Group 2: Market Context - Recent export controls by China on rare earths highlight the need for Western companies to prioritize supply security [1] - The analyst describes MP as "an unmatched vehicle for exposure" to the rare earths market [1] Group 3: Financial Projections - The updated model incorporates earnings from processing recycled rare earths feedstock and separates heavy rare earths oxides [1] - The adjusted EBITDA forecast for MP Materials is now projected to reach $965 million by 2029, an increase from the previous forecast of $806 million [1]