Guardian Metal downgraded to Hold from Buy at Maxim

Maxim analyst Tate Sullivan downgraded Guardian Metal (GMTL) to Hold from Buy. The firm says the stock has reached its price target also noting that it has increased its expense forecasts and delays its initial revenue estimate to the second half of 2029 from the first half for a longer timeline to reach initial revenue from tungsten critical mineral projects in Nevada. A meaningfully higher U.S. tungsten price year-to-date supports long-term project development, but Maxim believes Guardian Metal needs more resource announcements and metallurgy work to accelerate site construction work in Nevada, the analyst tells investors in a research note.