Wells Fargo raised the firm’s price target on Albemarle to $110 from $100 and keeps an Equal Weight rating on the shares. Albemarle and other lithium producers have rallied over the past month due to China stimulus hopes and recent M&A discussions, but the firm continues to view market fundamentals as “challenging” through the rest of 2024, the analyst tells investors in a research note. Wells Fargo adds however that higher EV sales in China should tighten inventories from the battery level to the key raw materials, providing support for prices in 2025.
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