Albemarle price target lowered to $188 from $191 at Oppenheimer

Oppenheimer lowered the firm’s price target on Albemarle to $188 from $191 and keeps an Outperform rating on the shares. With Albermarle resetting expectations on financial performance and tweaking how it reports EBITDA relative to the Talison joint venture, Oppenheimer believes the company is establishing a floor on estimates for cash flow, return on investment on new capital expenditures, and demonstrating its ability to effectively navigate the bottom of the lithium growth cycle, the analyst tells investors in a research note. The firm believes cell and vehicle inventories are rebalancing and channel health will likely improve with normal seasonal strength in vehicle sale as weather improves.