Metals Company price target raised to $4.50 from $3.75 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Metals Company (TMC) to $4.50 from $3.75 and keeps a Buy rating on the shares after the company reported 2024 financial results along with a significant update regarding its permit process. Given repeated delays regarding the International Seabed Authority’s adoption of a mining code, Metals Company announced a strategic shift in its permitting direction following extensive conversations with Trump administration officials regarding a permitting path under an established regulatory process in the U.S. The firm views the shift to permitting under DSHMRA as a potentially quicker path to the company receiving permits. It further suspects the tide is turning related to seafloor resource development, particularly from the perspective of the U.S., and believes Metals Company is well positioned to capitalize on its first mover advantage in the seafloor nodule collection space.