Morgan Stanley upgraded MP Materials to Overweight and raised their price target to $71 from $68.5. The stock was up nearly 4% in premarket trading. The analyst argues the company is strategically important for the US push to build a domestic rare earth supply chain. They view the partnership with the Dept of Defense as a major factor that reduces risk. The company plans to start commercial magnet production by late 2025. Execution was flagged as the main risk since they have several complex projects to complete through 2028, including heavy rare earth separation.