2024-08-02 11:28:52 ET
Albemarle Corporation (NYSE: ALB) stock tumbled 10.2% through 10:20 a.m. ET Friday, and it's not hard to figure out why. Over the last two days, not one, not two, but four separate analysts have lowered price targets on the lithium miner .
That's the bad news. The good news is that every single one of these analysts still thinks Albemarle stock is underpriced, and most think the stock remains a buy .
Albemarle stock reported its Q2 earnings Wednesday evening -- a massive miss, with Wall Street forecasting $0.41 per share but Albemarle producing only $0.04. Even worse, the $0.04 "profit" was only a pro forma ( adjusted ) number. When calculated according to generally accepted accounting principles , Albemarle ended up with a $1.96-per-share loss.
For further details see:
Why Albemarle Stock Just Crashed 10%