Market Overview

UPDATE: Piper Jaffray Reduces PT to $8 on Molycorp on Liquidity and Regulatory Concerns

Related MCP
How Yahoo! Inc. Was Pounded In Wake Of Alibaba Group Holding Ltd Fever
China Rare Earth Exports Rise 31% in August -WantChinaTImes

Piper Jaffray reiterated its Neutral rating on Molycorp (NYSE: MCP) but reduced its price target from $13 to $8.

Piper Jaffray commented, "We remain skeptical on MCP's output at Mountain Pass and have slashed our CY13 estimates again to 8,000MT (previously 14,250MT). With $436m in cash on hand and capex outlay of $475m over the next 3 quarters, we remain concerned about Molycorp's liquidity needs. Finally, the company has been subjected to a inquiry by SEC regarding its public disclosures and consistency. We are reducing our PT to $8 based on 1x CY13 sales of $975m. Reiterate Neutral with a negative bias."

Molycorp closed at $7.50 on Friday.

Latest Ratings for MCP

Aug 2014Euro PacificDowngradesHoldSell
Aug 2014Euro PacificUpgradesSellHold
May 2014Morgan StanleyDowngradesUnderweight

View More Analyst Ratings for MCP
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings


Related Articles (MCP)

Around the Web, We're Loving...

Get Benzinga's Newsletters