Molycorp Downgraded by MorganStanley, Rare Earths Mostly Flat This Week

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Molycorp was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Tuesday. They currently have a $2.50 price target on the stock, down from their previous price target of $2.85. Morgan Stanley’s price target suggests a potential downside of 12.28% from the company’s current price.

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The rare earths mining company last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.29) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.21) by $0.08.

This follows a similar plunge in the rare earths space by Lynas Corp.  earlier this month. Prices closed flat for most of both companies’ metal products this week on the MMI.

Prices for cerium oxide didn’t move this week, staying around CNY 20,500 ($3,291) per metric ton. Other metals on the weekly Rare Earths MMI® followed suit. Prices for dysprosium oxide remained constant, closing the week at CNY 1,650 ($264.87) per kilogram. Europium oxide remained essentially flat from the previous week at CNY 4,000 ($642.11) per kilogram.

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At CNY 19,500 ($3,130) per metric ton, the week finished with no movement for lanthanum oxide. Following a steady week, prices for neodymium closed flat at CNY 415,000 ($66,619) per metric ton. At CNY 415,000 ($66,619) per metric ton, the price of neodymium did not change since the previous week. Neodymium oxide traded sideways last week, hovering around CNY 325,000 ($52,172) per metric ton.

Closing at CNY 580,000 ($93,106) per metric ton, praseodymium oxide remained unchanged for the week. Rare earth carbonate prices held steady from the previous week at CNY 25,000 ($4,013) per metric ton. Closing at CNY 18,500 ($2,970) per metric ton, samarium oxide remained unchanged for the week. At CNY 4,600 ($738.43) per kilogram, the price of terbium metal did not change since the previous week.

Terbium oxide remained essentially flat from the previous week at CNY 3,200 ($513.69) per kilogram. Following a steady week, prices for yttria closed flat at CNY 51,000 ($8,187) per metric ton. Yttrium traded sideways last week, hovering around CNY 290.00 ($46.55) per kilogram.

The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info@agmetalminer.com.

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