Oppenheimer raised the firm’s price target on Almonty (ALM) to $12 from $7 and keeps an Outperform rating on the shares. The firm notes Tungsten/APT prices have increased to $635/MTU on average from $430/MTU in June, driven by a growing supply/demand imbalance, U.S. government actions and China export controls. Oppenheimer believes fundamentals continue to support medium- to long-term prices of $450-$550/MTU, and it now models $500/MTU for 2026-2028 vs. $460/MTU previously.
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