Albemarle price target lowered to $277 from $350 at Wells Fargo

Wells Fargo lowered the firm’s price target on Albemarle to $277 from $350 and keeps an Overweight rating on the shares. The firm remains bullish on the stock given Wells’ volume growth outlook, but reduces estimates due to lithium price declines. Albemarle remains the firm’s top growth idea, given its expansion projects and leverage to positive EV demand trends.