Shares of rare-earth miner MP Materials have left Wall Street in the dust. One analyst is playing catch-up.

Shares of Australian rare earths miners, including Lynas and Iluka Resources , soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.

Lynas Rare Earths (OTCPK:LYSDY) (OTCPK:LYSCF), the largest rare earths producer outside China, soared as much as 20% to its highest level since mid-August 2022, on track for its best trading day since April 2020 after MP Materials' (MP) deal with the U.