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Investing.com - H.C. Wainwright raised its price target on Nouveau Monde Graphite Inc. (NYSE:NMG) to $7.50 from $2.75 on Wednesday, while maintaining a Buy rating on the stock. The company, currently valued at approximately $718 million, has seen its shares surge nearly 195% over the past year, according to InvestingPro data.
The significant price target increase reflects growing global demand for graphite, primarily driven by expansion in the electric vehicle sector, with additional demand coming from the energy storage market.
H.C. Wainwright noted that Nouveau Monde Graphite has attracted potential interest for over $1.0 billion in debt financing, positioning the company as a "notable potential benefactor" of current geopolitical factors.
The research firm highlighted increased interest in critical mineral companies from government bodies, public institutions, and export credit agencies throughout their coverage universe.
H.C. Wainwright expects continued government-backed interest under the current administration, citing an emphasis on supply chain security and domestic production as key factors supporting their bullish outlook.
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