Almonty initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Matthew O’Keefe initiated coverage of Almonty (ALM) with an Overweight rating and $6.50 price target Almonty is an established producer of WO3 tungsten concentrate with assets in South Korea, Portugal, and Spain and tungsten is a critical metal for the manufacturing and defense industries, the analyst tells investors in a research note. The price has risen about 50% this year on increased supply risk from China, the dominant producer, and increased demand related to rising defense budgets, the firm added.