DA Davidson analyst Matt Summerville raised the firm’s price target on Almonty (ALM) to $11 from $7 and keeps a Buy rating on the shares. The firm has continued to witness considerable upside momentum in tungsten pricing, with noted momentum also evident with molybdenum, and along these lines, DA Davidson is revisiting its go-forward price cadence in Almonty for these key commodity outputs, with a focus on tungsten, the analyst tells investors in a research note. Almonty also remains on the verge of recommencing tungsten mining/concentrate operations at its flagship asset in Q4, the Sangdong Mine in S. Korea, amid supply shortages, the firm added.
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