1 Small Electric Vehicle (EV) Stock to Watch in March -- Is It a Buy For 2024 and Beyond?
There has been a total wash-out in the lithium market over the last year. The elemental material is a key ingredient in the lithium-ion batteries that power smartphones and, importantly to the growth story for the lithium market, electric vehicles (EVs). EV batteries are significantly larger than those in phones or even laptops, so the advent of battery-powered vehicles in the last few years was a boon to the lithium mining industry.
Despite reports to the contrary, global EV demand continued to rise throughout 2023. So why did lithium stocks get clobbered? Even businesses that have remained highly profitable took it on the chin -- including Arcadium Lithium (NYSE: ALTM), an integrated miner and refiner that was formed via the merger of Livent and Allkem in January 2024. The stock has been on the move so far in March after getting blasted by worried investors. Is it time to buy?
Let me give you a bit of backstory on why I'm talking about Arcadium, because mining and refining isn't my usual domain. However, in 2021, I was looking for a new position in my portfolio to act as a type of "inflation hedge." But I also wanted ownership in a business with some real long-term growth prospects. As part of my hedge, I eventually settled on Albemarle (NYSE: ALB), a leader in lithium mining and refining.
Source Fool.com
Albemarle Corp Stock
The stock is one of the favorites of our community with 25 Buy predictions and 3 Sell predictions.
As a result the target price of 178 € shows a positive potential of 48.8% compared to the current price of 119.62 € for Albemarle Corp.
