MP Materials - 因被低估的国家安全重要性及无可比拟的盈利可见性，评级上调至 “增持”

J P M O R G A N North America Equity Research 14 November 2025 MP Materials Upgrade to Overweight on Underappreciated National Security Importance and Unmatched Earnings Visibility Following 3Q results (link), we update our MP Model with 10Q items and new accounting guidance for its landmark DoD deal (link), including the $110/kg NdPr price floor kicking in Oct-1. On our revised estimates and MTM pricing, we upgrade shares to Overweight with a slightly lower $74 PT for ~29% implied upside (vs. prior Neutral ...