ALB - Lithium Price Volatility Triggers Albemarle's Q3 Earnings Stumble - Analysts Trim Price Targets | Benzinga
BMO Capital Markets analyst Joel Jackson reiterated an Outperform rating on Albemarle Corporation (NYSE: ALB), lowering the price target to $180 from $265.
Albemarle missed earnings and sales estimates in Q3, with Adjusted EBITDA of $453.3 million, down over 60% Y/Y.
Following Q3 results, Jackson lowered 2024 estimates and targets after ALB disclosed lithium margins will only return to ~35% by late 2024 (assuming spot prices).
The analyst writes that the bears have spoken, and the pendulum swung one way (lower lithium prices, mining-like, not spec chem multiples, capital overspend concerns, etc.)
ALB sees the potential for EV demand growth to slow in the near term in North America/Europe, given ...