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On May 1, 2024, Albemarle released financial results for the first quarter of 2024, which pleasantly surprised me.
Ketjen segment revenue was $243.8 million in the first three months of 2024, an increase of 11.9%.
On May 15, it was announced that Albemarle had reached an agreement with CORFO, under which it received an option to increase its lithium production quota.
I expect lithium prices to continue to recover thanks to strong global EV sales.
As a result, I'm initiating coverage of Albemarle with a "buy" rating.