SLI - Why Standard Lithium Stock Jumped on Tuesday
Shares of Standard Lithium (NYSEMKT: SLI) are on a roller-coaster ride. After dropping sharply on Monday , the lithium stock rebounded today to gain as much as 9.9% as of 3:20 p.m. EDT. A rival stock received a strong analyst upgrade today, reigniting investor interest in Standard Lithium shares.
On Oct. 19, RBC Capital upgraded its rating on Albemarle (NYSE: ALB) stock with a price target of $280 a share, up from $246 per share. Analyst Arun Viswanathan believes Albemarle's global footprint and low cost positions it well to benefit from "accelerating production growth of electric vehicles" even as 5G connectivity and travel returns help the company's bromine specialties and catalysts segments recover. Analysts at Citi and Loop Capital also raised their price targets on Albemarle shares this month.
Albemarle is among the world's lithium companies and was, in fact, the world's largest supplier of battery-grade lithium for electric vehicles last year. In 2020, lithium brought in 40%, bromine specialties 35%, and catalysts 25% of the company's total sales. Albemarle's bromine business specializes in fire safety products while its catalysts segment offers products and services primarily for the oil refining industry.
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Why Standard Lithium Stock Jumped on Tuesday