TMC jumps after Wedbush upgrades stock to 'outperform', raises PT

Wedbush upgrades deep-sea mining firm TMC The Metals Company TMC.O rating to "outperform" from "neutral"; raises price target to $11 from $6

Shares up 20.4% in the morning trade

The new price target represents a 66.4% upside to the stock's last closing price

Brokerage says TMC is well-positioned due to its first mover advantage in deep sea mining, also receiving significant U.S. support, in a bid to reduce dependency on China in the global supply of critical rare earth minerals

"TMC finds itself in a unique position within the critical mineral supply chain with minimal competition on the production front over the coming years" - Wedbush

All 5 brokerages covering TMC rate the stock "buy" or higher; median PT is $6.40 - data compiled by LSEG

Including session's moves, TMC shares up 600.9% YTD