Almonty Industries (ALM) PT Raised to $33 at DA Davidson

DA Davidson analyst Matt Summerville raised the price target on Almonty Industries (NASDAQ: ALM) to $33.00 (from $25.00) while maintaining a Buy rating.

The analyst commented: "This week, we hosted a vNDR with ALM’s Lewis Black (Founder, Chairman, and CEO). In short, we came away from the meetings with our fundamental thesis well intact on the name and broader tungsten industry, informed by positive Sangdong updates, soon to be announced involvement with the USG, a strong balance sheet providing investment optionality, and record tungsten pricing. As part of this update, we also take the opportunity to raise our long-term pricing assumptions, which still remains conservatively positioned vs. current spot. Reiterate BUY, PT to $33 (from $25)."

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