Albemarle reinstated with a Neutral at JPMorgan

JPMorgan analyst Jeffrey Zekauskas reinstated coverage of Albemarle with a Neutral rating and price target of $130, down from $250, following a period of restriction. The decreasing lithium prices are yet to be reflected in Albemarle’s and Livent’s earnings, the analyst tells investors in a research note. The firm says lithium inventories can be held by battery producers, automakers, cathode producers, lithium converters, and the lithium producers themselves. “Plainly, there is too much supply,” says JPMorgan.