TMC The Metals Company (TMC -5.15%) stock closed out this week's trading in the green despite some sell-offs in the latter half of the stretch. The company's share price ended the period up 3.8% amid a 3.4% rally for the S&P 500 index.

Following explosive gains in the previous week's session driven by news that Korea Zinc was making a major investment in the company, bullish market momentum helped push TMC stock even higher. Positive coverage from an analyst also gave the stock a big lift, and its share price is now up 44% over the last month.

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Market momentum helps lift TMC stock

Investors were feeling bullish this week as macroeconomic and geopolitical dynamics combined to suggest that the market could be poised to run significantly higher. Comments from Federal Reserve Chairman Jerome Powell seemed to reinforce comments from other officials at the central banking authority suggesting that an interest rate cut at next month's meeting is a real possibility. Adding another bullish catalyst, a ceasefire between Israel and Iran was announced on Monday and has mostly held through the week despite minor instances of continued military activity at the outset.

Wedbush turns bullish on TMC

On Wednesday, Wedbush published new coverage on TMC -- raising its rating on the stock from neutral to outperform. The investment firm also increased its one-year price target on the stock from $6 per share to $11 per share. The coverage spurred a big run-up for the stock in the day's trading, but the new price target still suggests additional upside of roughly 61.5% as of this writing.

Amid tense geopolitical relations with China, the U.S. is moving to ramp up its domestic mineral production capabilities. While TMC still needs to clear some key regulatory hurdles and has a speculative outlook, conditions seem to be moving in a favorable direction for the company.