Molycorp Stock Tumbles After Analyst Downgrade

Reuters reported that a stock downgrade caused a drop in the share price of Molycorp (NYSE:MCP).

The market news is quoted as saying:

In a note to clients, mining analyst Michael Gambardella wrote that rare earth prices have fallen substantially since hitting highs in July and that forecast demand outside China is down this year. He cut his price target for the company to $66 from a previous $105.

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