Albemarle price target lowered to $190 from $280 at Evercore ISI

Evercore ISI analyst Stephen Richardson lowered the firm’s price target on Albemarle to $190 from $280 and keeps an Outperform rating on the shares. Street numbers remain about 15% too high for 2024 and considering the company’s stated preference for guiding based on current market conditions, the firm foresees “a tough update at 4Q results,” the analyst tells investors. While the firm thinks it is “still too early to get aggressive on the stock,” it maintains an Outperform rating as a function of both lithium price expectations and some moderation of mid-term growth.