Albemarle price target lowered to $170 from $190 at Evercore ISI

Evercore ISI lowered the firm’s price target on Albemarle to $170 from $190 and keeps an Outperform rating on the shares. As the hope for recovery in lithium chemical prices receded, the dominant question is how well insulated are producers for a prolonged trough, notes the firm, which thinks downside protection for a longer trough is “a valid investor concern.” However, the firm sees more flexibility at Albemarle in terms of leverage than the market assumes, the analyst added.