Nickel Industries (ASX:NIC) shares have seen positive momentum at the start of the new year, driven by an upgrade from Canaccord. The analyst’s revised outlook reflects increasing confidence in the company’s prospects amid evolving commodity price forecasts.
The Nickel Industries share price has started 2026 strongly, with shares rising 3.37% to A$0.92. Canaccord analyst Timothy Hoff upgraded the shares from “Hold” to “Buy,” accompanied by a raised price target of A$1.05, up from the previous target of A$0.80. The upgrade is part of a broader reassessment by Canaccord, which reportedly increased price targets across its Australian base metal producer sector coverage by an average of 41%, reflecting updated commodity price forecasts and forward-rolling valuations.
The upgrade from Canaccord aligns with other positive analyst actions, including Macquarie Research’s upgrade to “Outperform” in December 2025, signaling confidence in Nickel Industries’ production growth and operational capabilities. Bell Potter Securities reaffirmed its “Buy” rating with a price target of A$1.20 in October 2025, following a quarterly report that highlighted steady operational progress across the company’s various segments. Operationally, Nickel Industries received approval to increase its 2025 nickel ore sales quota from 9 million to 10.5 million wet metric tonnes, supported by a five-year environmental permit that facilitates sustainable operations.
In January 2026, Nickel Industries announced a strategic partnership with South Korean-listed Sphere Corp, valuing its Excelsior Nickel Cobalt (ENC) project at US$2.4 billion. This collaboration marks Nickel Industries’ entry into the Western aerospace and aeronautical markets, potentially broadening its market reach.
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Despite these positive developments, Nickel Industries has faced challenges earlier last year. In March 2025, the company’s shares experienced a significant decline of over 20%, prompting an ASX price query. The company attributed the decline to a substantial share sale by Indonesian coal producer Harum Energy and proposed increases in Indonesian nickel ore royalties. In the first half of 2025, Nickel Industries reported a profit after tax of US$25.3 million, an 81% increase from the previous period, and declared a final dividend of A$0.015 per share.
The analyst upgrades and operational achievements point to a potentially bullish period for Nickel Industries. However, the company must navigate market volatility and regulatory changes in Indonesia, which could impact its financial performance.
