Piper Jaffray Raises Molycorp PT To $56, Maintains Neutral (MCP)

Piper Jaffray raised its Molycorp MCP price target from $52 to $56 and maintained its Molycorp Neutral rating in a research report published today.

In the report, Piper Jaffray states, "We are lifting our price target to $56 and maintaining our Neutral rating on MCP following the company's 4Q results, which beat on the top-line and met adjusted earnings expectations. We are lifting our FY11 sales and earnings estimates, but our FY13 expectations (which incorporate full production of Phase I at the Mountain Pass mine) remain generally unchanged. While management remains bullish on pricing, we believe MCP shares are likely to remain range bound until visibility improves around pricing once new industry supply comes online in FY12/FY13."

Shares of Molycorp were trading at $49.49 in pre-market trading at the time of posting, up 2.43% from Wednesday's market close.