Stifel starts Almonty with $25 price target on Western tungsten expansion

Investing.com -- Shares of Almonty Industries Inc (NASDAQ: ALM) gained nearly 8% in early Friday trading following a bullish initiation from Stifel, which highlighted the company’s expanding production footprint and strategic positioning in the global tungsten market.

Stifel analyst Brock Cannon initiated coverage on the critical minerals producer with a Buy rating and a $25.00 price target. The price target suggests substantial upside from current trading levels near $12.40, reflecting growing institutional conviction in Almonty’s growth trajectory.

Broader market dynamics continue to provide a strong tailwind for the sector, driven by geopolitical friction and supply restrictions. Tungsten prices have surged roughly 775% since the start of 2025 following China's decision to tighten export controls, structurally altering the global supply framework.

Wall Street has increasingly zeroed in on Almonty as Western supply chains seek alternatives to Chinese concentration. Stifel also pointed to additional long-term upside catalysts, including the prospective development of adjacent owned assets and the planned construction of a downstream tungsten oxide facility.

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