J.P. Morgan's Michael Gambardella cuts his price target on Molycorp (MCP -4.6%) to $19.50/share...
J.P. Morgan's Michael Gambardella cuts his price target on Molycorp (MCP -4.6%) to $19.50/share from $23, questioning whether MCP overpaid for its $1.3B acquisition of Neo Material. The analyst sees strategic value to establishing a big base in China, but he thinks the takeover may turn out to be too expensive if the supply chain becomes oversupplied and prices keep falling.
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