On May 2, we noted, “With lithium prices starting to stabilize, keep an eye on Albemarle (ALB).
Sure, it just missed its first quarter profit estimate with its latest earnings. But that’s to be expected when lithium prices plummet about 80%.”
At the time, ALB traded at around $118. Today, it’s already up to $130.78 and could see higher highs. Helping, analysts at RBC Capital raised its price target on ALB to $157 from $138, with an outperform rating.
As noted by Investing.com, “The decision to raise the price target follows Albemarle’s strong performance in the first quarter and the anticipation of increased volumes in the second half of the year due to project ramp-ups. RBC Capital’s revised forecast also includes higher EBITDA estimates for fiscal years 2024 and 2025.”