Albemarle price target lowered to $81 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Albemarle to $81 from $90 and keeps an Underweight rating on the shares. Following last week’s convertible equity raise, the firm reduced its EPS estimate and price target to account for the net dilution from the issuance. The firm’s $15,000 mt LCE mid-to-long term lithium price view remains unchanged and it argues that unless prices get back to about $25,000, the company “may once again find itself at a balance sheet/volume growth cross roads.”