Albemarle price target raised to $497 from $461 at Oppenheimer

Oppenheimer analyst Colin Rusch raised the firm’s price target on Albemarle to $497 from $461 and keeps an Outperform rating on the shares after the company provided an update on its strategic outlook. The firm notes that despite some lithium inventory build in China in Q1 2023, demand for the balance of the year and through the end of the decade appears to be in excess of supply. Oppenheimer views Albemarle as a leader in lithium quality, and points out that the company is growing sustainably at scale as it ramps while continuing to be free cash flow positive.