Analyst Upgrade Sparks Surge in Almonty Shares

A dramatic reassessment from DA Davidson sent shares of Almonty Industries soaring, following the investment bank’s decision to significantly raise its price target. The new target was set at $11.00, a substantial 57% increase from the previous $7.00, driven primarily by a sustained upward trend in tungsten prices.

The market response was swift and decisive. After closing at $6.69 on Monday, the stock opened Tuesday’s session at $7.07 and climbed over 6%. Trading activity surged, with volume reaching an impressive 921,487 shares.

In its analysis, DA Davidson pointed to “significant upward momentum in tungsten prices” as the core reason for its bullish stance. The firm also noted that Almonty stands to benefit from positive developments in molybdenum pricing. While the bank maintained its... Read more...