Albemarle price target lowered to $255 from $275 at Piper Sandler

Piper Sandler lowered the firm’s price target on Albemarle to $255 from $275 and keeps an Overweight rating on the shares. The analyst updated models for the lithium companies to reflect the Q2 earnings, updated guidance and changes in the trajectory of lithium demand and pricing. Lithium prices have been declining throughout much of Q3 and the average Q4 price may be below Q3, the analyst tells investors in a research note. The firm further expects that because of challenging economic conditions in key electric vehicle buying regions, build growth rates may be slightly slower than anticipated.