Albemarle price target lowered to $111 from $128 at RBC Capital

RBC Capital lowered the firm’s price target on Albemarle to $111 from $128. RBC does not expect an immediate lithium price upturn, but keeps an Outperform rating on the shares given Albermarle’s asset rationalization program and productivity improvement initiatives, independent of lithium price increases, which should help bring EBITDA margins back to 30%+ levels, the analyst tells investors in a research note.