Goldman Sachs Sounds Alarm on Tungsten Market
Goldman Sachs has taken a more measured approach to Almonty Industries, issuing a neutral rating and a $13.00 price target for the tungsten producer.
This contrasts sharply with other firms on Wall Street, which are more bullish about the company's prospects. D.A. Davidson and Jefferies both carry the shares with 'buy' recommendations and higher price targets of $33.00 and $26.25 respectively.
The main driver behind Goldman's caution is the tungsten market itself, where prices have risen eightfold since 2025. The analysts expect this surge to cool over the medium term due to fresh mine supply, rising recycling volumes, and expanding refinery capacity.
Almonty's operational execution is also under scrutiny, particularly at its Sangdong mine in South Korea, which is ramping up production more slowly than anticipated.