Albemarle price target raised to $403 from $397 at Loop Capital

Loop Capital raised the firm’s price target on Albemarle to $403 from $397 and keeps a Buy rating on the shares. Investors looking for exposure to the "Energy Transition" theme expressed through a lithium supplier have to contend with the "circumspect" sentiment because of the optics of a sharp pullback in spot lithium carbonate prices, but the prices for battery grade lithium chemicals for major producers have not yet been impacted by the recent downdraft in spot prices, the analyst tells investors in a research note. There is a reasonable expectation that spot prices may stabilize or even inflect higher in coming months with EV sales growth and momentum normalizing, Loop Capital added.