Press Release

Grand News Network | November 7, 2023

Lithium Price Volatility Triggers Albemarle's Q3 Earnings Stumble - Analysts Trim Price Targets

BMO Capital Markets analyst Joel Jackson reiterated an Outperform rating on Albemarle Corporation (NYSE: ALB), lowering the price target to $180 from $265.

Albemarle missed earnings and sales estimates in Q3, with Adjusted EBITDA of $453.3 million, down over 60% Y/Y.

Following Q3 results, Jackson lowered 2024 estimates and targets after ALB disclosed lithium margins will only return to ~35% by late 2024 (assuming spot prices).

The analyst writes that the bears have spoken, and the pendulum swung one way (lower lithium prices, mining-like, not spec chem multiples, capital overspend concerns, etc.)

ALB sees the potential for EV demand growth to slow in the near term in North America/Europe, given ...

Full story available on Benzinga.com


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