Citi lowered the firm’s price target on Albemarle to $100 from $137 and keeps a Neutral rating on the shares. The analyst also opened a “30-day negative catalyst watch” on the shares. Albemarle’s fiscal 2024 consensus EBITDA estimate of $1.3B is still above the high-end range of the company’s price scenario representative EBITDA guide, the analyst tells investors in a research note. The firm expects the shares to trade lower on weaker lithium price and market commentary. Further downside risk could come from trimming fiscal 2024 volume guide and volume growth expectations, contends Citi.
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