Albemarle downgraded to Neutral from Outperform at Baird

Baird downgraded Albemarle to Neutral from Outperform with a price target of $85, down from $102. The analyst thinks the shares are likely to “remain depressed” in the near term as Albemarle continues to adjust to depressed pricing in the lithium market. The firm sees few signs of supply/demand getting materially better in the near term. The shares will remain depressed until the market improves and/or Albemarle completes its strategy adjustment, the analyst tells investors in a research note.