Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - Oppenheimer initiated coverage on Almonty Industries (NYSE:ALM) with an Outperform rating and a $7.00 price target on Monday. The target represents a ~70% upside from the current price of $4.12, with InvestingPro data showing strong revenue growth of 24.5% in the last twelve months.
The research firm highlighted Almonty’s position to become the world’s largest tungsten miner outside of China and Russia, following its recent NASDAQ listing on July 14, 2025. The stock has demonstrated remarkable momentum, posting a 440% return over the past year.
Tungsten prices have climbed above $500/MTU, up from approximately $350/MTU in March, driven by growing global defense budgets, U.S. Department of Defense bans on non-friendly-sourced critical materials, and China’s export restrictions on tungsten and other rare earths.
Almonty plans to triple its production to approximately 2.4 million tons of tungsten ore by 2027, potentially representing about 40% of tungsten produced by friendly nations.
At current stock levels, Oppenheimer notes Almonty trades at 7x/4.1x 2027 estimated EBITDA, which the firm considers attractive.
In other recent news, Almonty Industries has been the subject of analyst attention, with DA Davidson initiating coverage on the company with a Buy rating and a price target of $7.00. The firm emphasized Almonty’s diverse portfolio, including its significant tungsten projects in Western Europe and the Sangdong Mine in South Korea, noted for its large and high-quality tungsten resources. Similarly, Alliance Global Partners (NYSE:GLP) also began coverage on Almonty, assigning a Buy rating and a price target of $6.75, citing the company’s strategic position in the tungsten market and its potential to become the largest producer outside of China. In corporate developments, Almonty announced the appointment of Brian Fox as the new Chief Financial Officer, effective August 25, 2025. Fox, who previously served as Chief Financial & Operating Officer at CBIZ (NYSE:CBZ) Marks Paneth, will replace Mark Gelmon, who will continue with the company as a financial consultant. These recent developments reflect ongoing strategic moves and analyst interest in Almonty’s operations and market position.
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