In this piece, we discuss the 8 Best Nickel Stocks to Buy According to Analysts.
In 2026, Nickel remains at the center of a rapidly shifting metals landscape.
According to a late January report by Reuters, nickel prices increased as the market bet that Indonesia, which supplies over 65% of the world’s nickel, would curb output growth. However, there were many uncertainties associated with that supply story: Indonesia’s quota data are difficult to convert into recoverable nickel units, actual ore demand fell short of the headline quota last year, and smelter demand continues to accelerate in 2026, suggesting the market may remain tight yet flexible.
As liquidity poured into contracts across the metal market spectrum, including nickel, Chinese exchanges continually tightened regulations, according to Reuters Open Interest, which reported on February 6 that the market was already being swept by a broader speculative wave. The analysis cautioned that if investment hunger collides with actual supply chains, smaller industrial metals like nickel may be particularly susceptible to abrupt fluctuations.
Taking a fresher outlook into account, on March 30, Reuters reported that base metals, particularly Aluminum, were rising on supply concerns following Iranian strikes on major Middle Eastern aluminum facilities. At the same time, Nickel also gained on both the LME and SHFE, reflecting visible ongoing volatility.
When taken as a whole, these updates demonstrate how supply discipline, speculative momentum, and geopolitical stress are shaping the nickel market.
With this backdrop in mind, we will jump to our list of the 8 Best Nickel Stocks to Buy According to Analysts.
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Methodology
To curate our list of the 8 best nickel stocks to buy according to analysts, we used a screener and financial media to identify nickel stocks with significant analyst coverage. These stocks were then ranked in ascending order based on their upside potential.
Note: All data were sourced on March 28, 2026.
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8. Vale S.A. (NYSE:VALE)
Vale S.A. (NYSE:VALE) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
As of March 27, 2026, all covering analysts remain bullish on Vale S.A., with the analyst consensus implying a 5.33% upside.
Recent analyst tone improved on March 27, 2026, when UBS increased its price target from $12 to $16 while reiterating a “Neutral” rating. This came after JPMorgan updated its model on March 26, 2026, raising its target on the stock to $18.00 from $17.50 and reiterating an “Overweight” rating. Even in the absence of widespread rating increases, those upward revisions indicated increasing confidence in Vale S.A.’s outlook.
Still, Vale S.A.’s recent re-rating has intensified the valuation debate.
On March 12, 2026, RBC raised its price target to $15.50 from $14.50 and downgraded Vale S.A. to “Sector Perform,” claiming the shares had already gained sufficiently amid a bullish iron ore backdrop. According to RBC, Vale S.A. was pricing in an iron ore assumption of $85 per ton in its last upgrade, roughly 10% higher than the level embedded when the stock was upgraded even earlier.
Vale S.A. is one of the leading metal miners and a mining corporation established in Brazil. One of the firm’s specialties is nickel, making it among the Best Nickel Stocks.
7. Carpenter Technology Corporation (NYSE:CRS)
Carpenter Technology Corporation (NYSE:CRS) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
As of March 27, 2026, analyst sentiment on Carpenter Technology Corporation remained robust, with all covering analysts bullish. The consensus price target of $397.00 implies a 5.33% upside.
On March 3, 2026, Susquehanna initiated coverage on Carpenter Technology Corporation with a “Positive” rating and a $470 price target, noting the company is well-positioned in a surging aerospace and military market. The company cited increased demand for next-generation metallurgy for defense applications, high-order activity, and rising commercial aircraft build rates. Additionally, it stated that Carpenter Technology Corporation’s strong balance sheet and liquidity allow it to maintain buybacks and dividends while funding expansion.
With shares reaching a record $404.38 on March 2, 2026, and tripling over the previous year as of March 27, 2026, that bullishness comes amid a robust market run. Yet investors remain cautious amid management’s softer operating income guidance. Brian Malloy’s taking over as CEO effective July 2026 adds another transition point for investors to watch.
Carpenter Technology Corporation is a major manufacturer and distributor of specialty metals, including nickel alloys, titanium alloys, and superalloys.
6. Rio Tinto Group (NYSE:RIO)
Rio Tinto Group (NYSE:RIO) is ranked among the 8 best nickel stocks to buy.
With broader analyst sentiment remaining mixed on Rio Tinto Group as of March 27, 2026, 50% of covering analysts continue to hold bullish views on the stock. The consensus price target of $95.50 implies a 10.23% upside.
On March 9, 2026, Bernstein lowered its price target from $83 to $77 while keeping an “Outperform” rating on Rio Tinto Group, reinforcing the cautious setup. As it updated its model across covered names and revised its Mining Value Book, the investment bank stated that commodity selection, compared to valuation, continues to be the larger driver of returns in metals and mining.
On the same day, JPMorgan downgraded Rio Tinto Group from “Overweight” to “Neutral” and reduced its price target from GBp 7,840 to GBp 7,220, indicating further pressure on Rio Tinto Group. The firm adopted a downside scenario for copper and iron ore as its new base case, claiming that Middle East-related concerns were not sufficiently reflected in European metals and mining equities.
Rio Tinto Group is one of the world’s largest mining companies, with a presence in aluminum, iron ore, copper, gold, and other industries. The firm is headquartered in London, United Kingdom.
5. ATI Inc. (NYSE:ATI)
As of March 27, 2026, all covering analysts remain bullish on ATI Inc. (NYSE:ATI), which ranks in our list of best nickel stocks.
A consensus price target of $157 indicates a nearly 12% upside, with the stock recording gains of almost 166% over the previous year as of March 27, 2026, reaching an all-time high of $168.14 on March 2, 2026, amid strong share momentum.
Analysts’ actions in early February 2026 following fourth-quarter reports supported the positive tone.
Citing strong demand and capacity investments in the aerospace and defense industries, Susquehanna increased its price target from $145 to $155 while maintaining a “Positive” rating, according to TheFly.
Following ATI Inc.’s earnings beat, BTIG raised its target to $165 from $120 and kept its “Buy” rating, stating that pricing and volume are expected to contribute equally to ATI Inc.’s 2026 EBITDA outlook. Additionally, JPMorgan maintained its “Overweight” rating and increased its target from $135 to $150.
ATI Inc. reported revenue of $1.18 billion, full-year adjusted free cash flow of $380.00 million, up 53% year over year, and fourth-quarter 2025 adjusted EPS of $0.93 compared to a projection of $0.83 to $0.89.
Dallas-based ATI Inc. is a global producer of specialty materials for aerospace, defense, and energy markets. Its supplies include titanium alloys, nickel-based alloys, specialty steels, and tungsten materials. The company also has 3D printing operations.
4. Ryerson Holding Corporation (NYSE:RYZ)
Ryerson Holding Corporation (NYSE:RYZ) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
On March 27, 2026, KeyBanc began covering Ryerson Holding Corporation with a “Sector Weight” rating, which follows the company’s announced merger with Olympic Steel.
With Olympic Steel stockholders holding roughly 37% of the combined company, which now has a market valuation of $1.09 billion, the launch fueled cautious optimism. Although it refrained from taking a more aggressive approach, KeyBanc maintained its 2026 LIFO EBITDA estimate of $256 million and its 2027 estimate of $320 million, indicating that it anticipates improvements in earnings.
Following a LIFO EBITDA loss of $2 million in Q4 2025, for the first quarter of 2026, management guided sales of $1.52 billion and EBITDA (excluding LIFO) of $58 million at the midpoint. While same-store volumes are projected to increase by 13% to 15%, Ryerson Holding Corporation expects pricing and mix for Q1 2026 to be flat up to 2% quarter over quarter.
Ryerson Holding Corporation is a distributor of industrial metals with facilities in the US, Canada, and Mexico. It also offers a metals service center and value-added processor. Apart from its activities in North America. It is among the best nickel stocks since the company also offers a limited selection of nickel and red metals in a variety of shapes and forms, in addition to a full line of products made of carbon steel, alloy steel, stainless steel, and aluminum.
3. Materion Corporation (NYSE:MTRN)
Materion Corporation (NYSE:MTRN) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
As of March 27, 2026, 75% of covering analysts were bullish on Materion Corporation, with the $180 consensus price target implying a 27% upside. The shares, which gained almost 18% in the past six months and approximately 63% over the previous year, reached their all-time high of $168.92 on March 2, 2026.
That optimism was echoed on Wall Street.
In February, KeyBanc maintained its “Overweight” rating and increased its price target for Materion Corporation from $159 to $170, citing robust defense-related beryllium demand that would sustain beyond 2027, according to the firm. Growing investor interest in the company’s exposure to specialized materials continues to drive share momentum.
Meanwhile, Materion Corporation’s improved recent quarterly performance served as the backdrop.
Fourth-quarter net income increased from a year-earlier loss of $48.80 million to $6.60 million, or $0.31 per share, according to last month’s earnings release. Net sales for the entire year 2025 were recorded at $1.79 billion, while adjusted net income was $113.60 million, or $5.44 per share.
The products of Materion Corporation include copper-based alloys, specialty coatings, inorganic chemicals and powders, precious and non-precious specialty metals, and specialized engineered beryllium. The firm’s primary raw elements are ruthenium, silver, tin, gold, nickel, palladium, platinum, cobalt, copper, aluminum, beryllium, and tantalum.
2. ArcelorMittal S.A. (NYSE:MT)
ArcelorMittal S.A. (NYSE:MT) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
With 55% of covering analysts bullish and 28.38% upside based on the $63.70 consensus price target, analyst sentiment remains broadly bullish on ArcelorMittal S.A. as of March 28, 2026. However, the recent discussion surrounding the company has focused more on whether macro and regional issues could limit gains than on value.
When JPMorgan analyst Dominic O’Kane reduced ArcelorMittal S.A. from “Overweight” to “Underweight” on March 9, 2026, and lowered the price target from EUR 53.50 to EUR 40, that caution was most visible.
The investment bank adopted a more pessimistic base case for copper and iron ore, claiming that Middle East developments presented risks that were not sufficiently reflected in European metals and mining equities.
KeyBanc later started coverage on the stock with a “Sector Weight” rating on March 25, 2026. Stronger pricing in North America and Brazil, partially offset by higher mining freight costs and a more challenging European cost backdrop, led the investment bank to increase its 2026 EBITDA projection from $8.65 billion to $8.66 billion. Meanwhile, management expects $4.50 billion to $5.00 billion in capital expenditures in 2026.
ArcelorMittal S.A. is an integrated steel and mining business with operations in the United States, Europe, and across the world. The company uses zinc, tin, and aluminum as base metals for coating, nickel for making stainless or special steels, and aluminum for deoxidizing liquid steel.
1. TMC the metals company Inc. (NASDAQ:TMC)
TMC the metals company Inc. (NASDAQ:TMC) earns a place on our list of the 8 best nickel stocks to buy according to analysts.
TMC the metals company Inc.’s (NASDAQ:TMC) fourth quarter and full-year 2025 results, which were released on March 27, 2026, highlighted the infrastructure and permitting processes that could shape its long-term value, while also demonstrating the financial strain of its deep-sea mining plan. With $117.60 million in total cash at the end of 2025, TMC the metals company Inc. spent $11.40 million on operations in the fourth quarter.
TMC the metals company Inc. reported a net loss of $40.4 million or $0.08 per share and an operating loss of $44.70 million for the fourth quarter. The net loss for the entire year 2025 widened substantially from $81.90 million, or $0.25 per share, in 2024 to $319.80 million, or $0.83 per share.
Nevertheless, investors focused on the strategy updates. TMC the metals company Inc. stated that it is in exclusive talks to develop a preliminary master plan for a 12 Mtpa nodule processing and refining complex on 1,466 acres near the Port of Brownsville, Texas. In addition to stating that its consolidated mining application is in substantial compliance with NOAA laws, it previously inked a Strategic Partnership Agreement with Mariana Minerals on March 19, 2026, to assist with feasibility work and AI-enabled process controls.
Founded in 2011 and headquartered in Vancouver, Canada, TMC the metals company Inc. is focused on the exploration and development of polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean.
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