DA Davidson raised its price target on Almonty Industries (NASDAQ:ALM) to $18.00 from $12.00 while keeping a Buy rating on the tungsten miner. The broker said the adjustment followed recent, sustained increases in tungsten spot prices and led it to revise pricing assumptions in its earnings model.
At the time of the report, Almonty’s shares were trading at $13.09. The stock has gained 51.99% year-to-date and has recorded a cumulative return of 805.25% over the past year. InvestingPro data noted the stock is trading near a 52-week high of $13.60.
DA Davidson said it updated its valuation model to incorporate January’s average spot price, as reported by Fastmarkets, and also raised its base price projections through 2028. The firm cited market conditions in which “global mined output supply remains constrained amid strong overall industry demand,” calling this an environment that favors tungsten producers such as Almonty.
Additionally, DA Davidson referenced Almonty’s Sangdong project, reporting that the development continues to move toward commercial production. The research note set an expectation for commercial production in the late first quarter of 2026. On the balance-sheet front, Almonty was noted to maintain a current ratio of 2.38, indicating that current assets exceed short-term obligations.
The research bulletin also pointed readers to further paid content, noting that InvestingPro provides eight additional ProTips and a comprehensive Pro Research Report covering Almonty Industries.
In separate corporate news included in the report, Almirall released third-quarter 2025 results showing earnings per share of $0.13, in line with analyst expectations. The company’s revenue came in at $260 million, marginally below the forecasted $260.8 million. Despite the revenue shortfall, Almirall’s shares saw a notable uptick in pre-market trading, the note said, with the earnings call emphasizing the company’s efforts to preserve a strong financial position. Investors are described as watching Almirall’s capacity to meet market expectations in upcoming quarters.
These developments leave Almonty in a market context shaped by higher tungsten spot prices, a constrained global mined supply, and the forward timeline for Sangdong’s commercial output. DA Davidson’s model changes and the retained Buy rating reflect the firm’s assessment of those factors within its near- and medium-term forecasts.