Deutsche Bank has more than tripled its stock price target for MP Materials , after the rare-earths miner secured a strategic investment from the Defense Department and a major contract with Apple . Deutsche now sees MP Materials shares rising to $67 compared with $20 previously. The new target implies 15% upside from Wednesday’s close of $58.22 per share. The Pentagon is providing MP with a guaranteed price floor that will help “transform MP from a commodity producer vulnerable to Chinese pricing dominance to a strategic partner,” Deutsche analyst Corinne Blanchard told clients in a Wednesday note. And the Defense Department is also now MP’s largest shareholder, which “sends a powerful signal” by demonstrating “the US government’s strategic commitment to developing a secure domestic rare earth and magnet supply chain,” Blanchard said. The Pentagon investment and Apple’s $500 million deal to buy rare earth magnets from MP “significantly de-risk the company’s operations,” the analyst said. But Deutsche is maintaining its hold rating on MP as “the stock has now priced in the catalyst, and other potential catalysts are on the medium-term,” Blanchard said. Future catalysts would likely include more offtake agreements for magnets and production capacity expansions, she said. MP Materials has gained more than 270% this year and more than 85% since the Defense Department investment was announced on July 10.