D.A. Davidson analyst Matt Summerville has reiterated their bullish stance on AII stock, giving a Buy rating on October 28.
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Matt Summerville has given his Buy rating due to a combination of factors that highlight Almonty Industries’ strong position in the rare earth and critical materials market. The company is poised to benefit from favorable market dynamics, particularly in the tungsten sector, where pricing momentum continues to rise outside of China. This is further supported by China’s current importation of tungsten, indicating tight global supply and potential for future price increases.
Additionally, Almonty’s strategic projects, such as the Sangdong mine in South Korea and the upcoming Montana project in the U.S., are expected to significantly enhance production capacity. The Sangdong mine is set to become the largest non-China tungsten producer, while the Montana project is anticipated to be the first operational tungsten mine in the U.S. These developments, along with the company’s existing processing infrastructure and favorable export restrictions, position Almonty as a leading player in the market. Summerville’s confidence is also reflected in the raised price target to $12, underscoring the company’s growth potential and valuation disconnect compared to peers.
In another report released on October 28, Oppenheimer also maintained a Buy rating on the stock with a $12.00 price target.