Noble upgrades sustainable tech company Comstock and sets TP implying 144% upside

Noble Capital Markets has upgraded its rating on shares of micro cap Comstock Inc., which recycles metals and solar panels, and now rates them "outperform," with the target price implying 140% upside. According to the note, the company is at a turning point after raising fresh capital, eliminating debt, and positioning itself to build its first industrial-scale metals processing facility. This morning, Comstock shares are trading higher.

Noble raised its rating on Comstock from "market perform" to "outperform," analysts said in the note.

For the first time, it set a target price for Comstock at $6.75 per share, or about 140% higher than its closing price yesterday, when the stock fell 6.4% to $2.76 per share. In early U.S. trading today, November 5, shares were up nearly 3% as of this writing.

Analysts at Noble described this as a watershed moment for Comstock, a company whose business is built around sustainability and efficient resource use.

In August, Comstock raised $31.8 million in a secondary share offering, fully repaid its debt, and secured financing to begin construction of its first large-scale recycling facility. Noble sees growth potential across all of the company’s main segments.

Comstock Metals plans to launch its first industrial plant in the first quarter of next year. The facility will process about 25,200 tons of solar panels annually, generating an estimated $12.6 million in revenue. Comstock has signed a partnership with RWE Clean Energy, the U.S. subsidiary of Germany’s RWE, under which Comstock will serve as RWE’s preferred strategic partner for decommissioning, logistics, recycling, and disposal of its large-scale solar installations in the U.S.

Comstock Mining continues to develop its gold and silver assets. The management plans to complete an economic assessment of its properties by year-end and explore monetization options.

Noble also highlighted Comstock’s stake in Bioleum Corporation as a key source of future value. Bioleum, which was spun off from Comstock in May, focuses on technologies for converting wood-based biomass into low-carbon fuels. Following the separation, Comstock received preferred stock convertible into about half as many common shares, preserving significant upside exposure.

Bioleum remains a private company but plans to go public once it completes its first 400,000-barrel-per-year refinery and achieves commercialization milestones.

Not all analysts share Noble’s optimism. According to MarketMatch data, Comstock currently has two “hold” ratings, with an average target price of $4 per share, implying about 45% upside from current levels.

The AI translation of this story was reviewed by a human editor.