Antimony Resources: Over 150% upside potential
It is well known that the defence industry depends on China for raw materials. This also applies strongly to antimony. It is therefore not surprising that GBC analysts see more than 150% upside potential for Antimony Resources.
They recommend buying the Canadian exploration company’s stock with a price target of EUR 1.90. The share is currently trading just above EUR 0.70. Antimony Resources has a very exciting project in Bald-Hill. To date, drilling in the Main Zone has defined antimony mineralization over 700 m in strike length and at least 400 m in depth, with the mineralization open in all directions. On average, it is 3 to 4 m wide with grades between 3% and 4% antimony. At its highest, high-grade sections even exceed 30%.
The latest drill results are once again impressive and support GBC’s price target. For instance, drill hole BH-25-34, with 4.38% antimony over 7.05 m, including a particularly high-grade zone of 9.76% over 3.15 m, has confirmed the quality of the mineralization. Furthermore, it has been extended both to the north and at depth. The current results represent an interim update from the definition drilling program, which has covered over 12,500 m. This program is nearing completion. Anything less than strong results would be a surprise.
The next drilling program, already fully funded, is set to begin in May and cover 11,000 m. The focus is shifting specifically beyond the Main Zone. With the Marcus Zone as well as the Central and South Zones, Antimony Resources is targeting new areas that have been historically identified but have hardly been systematically explored to date. This opens up additional upside potential.
Rheinmetall: Over EUR 2,000 Possible
As with Antimony Resources, analysts also see upside potential in Rheinmetall’s stock. JPMorgan continues to see the fair value for Germany’s largest defence contractor at EUR 2,130. The share is currently trading at around EUR 1,360. Accordingly, US analysts recommend a rating of “Overweight.” From the analysts’ perspective, the sharp price correction presents an exciting buying opportunity. Risks for the Rheinmetall stock, such as a ceasefire in Ukraine, slower revenue growth, and a shift in demand toward drones, are already priced in. Rheinmetall shares have had a difficult few months. In mid-January, they were still trading at EUR 1,900.
Operationally, interesting orders are being reported time and again. Most recently, there was another billion-euro order from the German Armed Forces. Rheinmetall will supply additional “Infantryman of the Future – Extended System” (IdZ-ES) soldier systems under an existing framework agreement.
The contract covers both the modernization of existing systems and the delivery of 237 new platoon systems. The contract value is approximately EUR 1 billion. Delivery of the systems is scheduled for late 2027 to late 2029 and is intended to equip approximately 8,600 soldiers. The systems are central to digital combat operations, as they integrate soldiers as networked units into modern communication and information structures. As the general contractor, Rheinmetall is responsible for coordinating over 30 suppliers and, through the modernization, is driving forward integration with the “Digitalization of Land-Based Operations” (D-LBO) program.
Bayer: Glyphosate Stress Returns
And what is happening at Bayer? The Leverkusen-based company’s stock was still being celebrated in the first quarter of this year. Since its February high of around EUR 50, however, the stock has lost significant ground and is currently trading below EUR 37. Following the rally from EUR 27 since November 2025, a consolidation was certainly to be expected. The current extent of the decline, however, is more severe.
Recently, fears have resurfaced that the company may not be able to resolve the glyphosate issue as quickly as hoped. Currently, the market’s attention is focused on the US Supreme Court, which is addressing a fundamental legal question in the “Monsanto v. Durnell” case. At its core, the issue is whether the federal approval of the herbicide by the Environmental Protection Agency (EPA) protects Bayer from state-level damage claims based on a lack of warning labels. The court already held an oral hearing on this matter last Monday. A ruling, expected by the end of June 2026, could set a historic precedent. A victory for Bayer could significantly strengthen its protection against further waves of lawsuits, while a defeat would perpetuate the risk of ongoing, costly litigation. On Monday, the stock reacted negatively.
However, analysts view the recent sell-off more as an opportunity. UBS is particularly bullish. It values Bayer shares at EUR 52 and recommends buying. During the hearing, it became clear that there are many questions and that the outcome is by no means certain. Nevertheless, the rating remains unchanged. Other analysts also view the German conglomerate’s stock positively. Barclays sets the price target at EUR 48. JPMorgan believes the stock is worth EUR 50. Both firms recommend buying.
Antimony Resources delivers positive news. This makes the price target set by GBC analysts increasingly plausible. It is clear that antimony will remain a critical raw material. Rheinmetall remains a core investment in the European defence sector, even though the sector as a whole currently lacks momentum. The outlook for Bayer shares continues to hinge on the glyphosate issue. Its outcome is pure speculation.
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