- Molycorp (MCP +3.1%) is maintained with a Neutral rating and $5 price target at Goldman Sachs, which sees MCP's demand recovery as a positive though it was offset by weak pricing.
- Goldman likes the improved tone and steady fundamental progress in the Q3 results, including demand recovery for MCP's highest value product, magnetic rare earths (+20% Q/Q) and tangible cost reductions at Mountain Pass (-25% Q/Q) after several quarters of no progress.
- But the positives were somewhat offset by muted expectations for SorbX commercialization and diminished outlook for cerium sales in 2014 which, if not reconciled over the longer term, could negatively impact MCP's ability to hit sub-$10/kg production costs and/or ramp to phase two capacity.
Molycorp moves higher after Q3 results, Goldman sees positives
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