MCP Initiated at Dahlman Rose with a Buy Tuesday, November 16, 2:11 PM ET, by Market News Video Staff Dahlman Rose initiated coverage of Molycorp (MCP) today, with a buy rating. Dahlman put a ...
By Market News Video Staff, Tuesday, November 16, 2:11 PM ET
Dahlman Rose initiated coverage of Molycorp (NYSE:MCP) today, with a buy rating. Dahlman put a $43 price target on the stock. The firm said it sees demand for rare earth elements increasing, and the company benefitting from the trend. Molycorp held and initial public offering in July, at $14 per share.
Shares trading are off more than 4.1% on Tuesday afternoon.
Molycorp is a 4.56% holding of the new Market Vectors Rare Earth/Strategic Metals ETF (AMEX:REMX), which is also off more than 4% today. U.S. listed stocks in the fund include Thompson Creek Metals (NYSE:TC), the third-largest holding at 6.73%, Titanium Metals (NYSE:TIE) at 5.44% of the fund, and RTI International Metals (NYSE:RTI), at 4.88% of the portfolio.
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