Last month was a good one for the Lynas Rare Earths Ltd (ASX: LYC) share price. The stock leapt 17% to finish the period at $7.51.
So, what might the future hold for the S&P/ASX 200 Index (ASX: XJO) rare earths producer? Let's take a look.
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What went right for the Lynas share price in May?
There was one big announcement from Lynas last month that drove the majority of its share price's gains. That was regarding its Malaysian facility.
Lynas was granted permission to continue importing and processing lanthanide concentrate into the nation until the start of 2024. Previously, new conditions on its Malaysian operating licence would have forced it to cease imports next month.
That means the company can continue operating its Malaysian facility while it works to secure new feedstock from its Kalgoorlie Rare Earths Processing Facility.
That's a sure win for the ASX 200 giant. However, it's continuing its battle to overturn the soon-to-be-enacted conditions on its licence.
What's next?
All that means the coming months will likely be exciting for Lynas and, potentially, its share price.
It's expecting feed-on at its Kalgoorlie facility to occur this quarter. Meanwhile, it flagged that the Chinese supply of rare earth products has dinted demand.
Turning to expert forecasts, multiple brokers are bullish on the stock.
Macquarie is said to have upped its rating on Lynas shares to outperform last month, while Bell Potter bumped its price target 11% to $8.90, my Fool colleague Bronwyn reported at the time. That marks a potential 18% upside.
But some brokers are more bearish. Goldman Sachs, for instance, is neutral on the stock, tipping it to fall 8% to $6.90.
