SQM - Albemarle clings to gains after raising guidance for second time this month

Several analysts raised their stock price targets for Albemarle (NYSE:ALB) after the company raised full-year profit and revenue forecasts for the second time this month. The world's largest producer of lithium now forecasts full-year sales of $5.8B-$6.2B, up from previous guidance of $5.2B-$5.6B, due to "additional index-referenced, variable-price contracts for battery grade lithium sales." According to Bloomberg, Wells Fargo analysts raised their estimates and stock price target to $320 from $285 to account for strong lithium pricing, with a significant downside risk to guidance seen as unlikely given strong current demand. KeyBanc lifted its stock PT to $217 from $215, saying Albemarle's (ALB) view on lithium prices could be conservative, although a short-term downside is possible because of China's lockdowns. Also, Deutsche Bank lifted its target to $320 from $290, and RBC Capital raised its PT to $314. Albemarle (ALB) shares rose as much as 2.7% in early trading before giving

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Albemarle clings to gains after raising guidance for second time this month