Albemarle price target lowered to $144 from $250 at Loop Capital

Loop Capital analyst Chris Kapsch lowered the firm’s price target on Albemarle to $144 from $250 but keeps a Buy rating on the shares. A significant overbuild in the EV supply chain in China and related/protracted inventory destocking cycle has “fed upon itself” as raw material price decline has created the set-up for sharply lower earnings for most major producers, including Albemarle, the analyst tells investors in a research note. Loop adds however that while it may take at least another quarter or two before visibility improves, investors who are able to look beyond this near-term overhang should be able to make money by owning Albemarle shares at current levels.