Stifel Initiates Buy Rating on Almonty Industries as Tungsten Prices Surge
Almonty Industries (ALM) rose by 13.2% in Friday's trading after Stifel initiated coverage with a 'Buy' rating and set a $25 price target for the stock. The firm highlighted that ALM is on track to become the leading Western tungsten producer by late 2028, driven by strong demand and rising prices. Tungsten prices have increased dramatically, surging 775% since early in the year due to supply constraints and growing industrial applications, particularly in green energy technologies. Stifel's positive outlook is based on Almonty’s strategic positioning within this tightening market landscape. The firm emphasized that ALM benefits from its ownership of key tungsten assets such as the Cobre de Riba operations in Portugal and a stake in Korea Tungsten Co., which are expected to drive production growth over the next few years.
Tickers: $ALM
Topics: buy recommendation stock price movement tungsten production