TMC (TMC) Rallies 9.25% as Investors Cheer Copper Import Tariff
TMC the metals company Inc. (NASDAQ:TMC) is one of the stocks that are flying past expectations.
TMC saw its share prices increase by 9.25 percent on Thursday to close at $6.85 apiece as investor sentiment was supported by President Donald Trump’s imposition of 50 percent tariffs on copper imports.
According to Trump, the move was aimed at bolstering US copper production of a metal critical to electric vehicles, military hardware, the power grid, and various consumer goods.
TMC the metals company Inc. (NASDAQ:TMC), which has operations in the US through its subsidiary The Metals Company USA LLC, is set to benefit from the imposition of levies as it would result in reduced competition and strengthen its pricing power for the said metal.
In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an “outperform” rating from Wedbush with an $11 price target, a significant upgrade from its “neutral” stance and $6 price target previously.
A tunneling machine underground, deep in the mine to extract the polymetallic nodules.
According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump’s executive order in April, “Unleashing America’s Offshore Critical Minerals and Resources,” which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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