Piper Sandler analyst Charles Neivert last night initiated coverage of Albemarle with an Overweight rating and $310 price target. The analyst believes the company is transitioning from a cyclical to one more associated with growth, which deserves a multiple more in line with its historical performance. Albemarle is basically a lithium pure play on a going forward basis, the analyst tells investors in a research note. Not only is lithium a vast proportion of the overall earnings of Albemarle, but it also represents the bulk of the earnings upside, says Piper.
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