Tate Sullivan Reiterates Buy Rating on TMC with Unchanged $10 Price Target, Citing First-Mover Advantage in U.S. Deep-Sea Mining and Strong Balance Sheet

Analyst Tate Sullivan of Maxim Group maintained a Buy rating on TMC the metals company Inc., retaining the price target of $10.00.

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Tate Sullivan has given his Buy rating due to a combination of factors related to TMC’s strategic positioning and project execution. He views the company as a first mover in U.S. deep-sea polymetallic nodule mining, with a clear plan to deploy the Hidden Gem offshore vessel by late 2027 despite near-term cost increases tied to engineering and development work.

Sullivan also highlights TMC’s solid balance sheet, with ample cash and no interest-bearing debt, alongside growing institutional support exemplified by its expanded partnership with Allseas and U.S. policy momentum for seabed-derived critical minerals. These elements underpin his unchanged $10 price target, derived from a discounted cash flow framework that assumes significant long-term value creation once commercial production begins.

Sullivan covers the Industrials sector, focusing on stocks such as Seanergy Maritime, Euroseas, and Graham. According to TipRanks, Sullivan has an average return of 7.5% and a 49.50% success rate on recommended stocks.

In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $11.75 price target.