TMC (TMC) Jumps 13.3% as Investment Firm Turns Bullish

We recently published These 10 Companies are in Beast Mode. TMC the metals company Inc. (NASDAQ:TMC) is one of the Wednesday’s top performers.

TMC jumped by 13.31 percent on Wednesday to end at $7.49 apiece after earning a bullish rating from an investment firm.

In its market note, Wedbush upgraded TMC the metals company Inc. (NASDAQ:TMC) to “outperform” from “neutral” and raised its price target to $11 from $6 previously. The new price target represented a 49 percent upside from its latest closing price.

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.

TMC (TMC) Jumps 13.3% as Investment Firm Turns Bullish

A tunneling machine underground, deep in the mine to extract the polymetallic nodules.

“TMC is well-positioned to emerge as a critical enabler of US supply chain independence through increased urgency from intensifying trade tensions with China, particularly around rare earths and critical minerals,” it said.

While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.