Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of rare earth miner Molycorp (NYSE: MCP) jumped 10% today after the company received an analyst upgrade.

So what: Dahlman Rose gave Molycorp its blessing today and slapped a $125 price target on the company's shares. That's a 63% premium from where shares currently trade, showing how much confidence the analyst has in the stock.

Now what: The New York Times also helped add fuel to the fire, highlighting the recent increase in rare earth mineral prices. Avalon Rare Metals (AMEX: AVL) and Rare Element Resources (AMEX: REE) participated in the same rally today after Dahlman Rose initiated coverage with a buy rating for both. Molycorp is the closest to actual production in the group, and buyers should keep an eye on prices of rare earth minerals as production ramps up there and at Lynas in Australia. The stocks will go as prices go.

Interested in more info on Molycorp? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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