Albemarle Earnings Surge 112%, and 2023 Outlook Raised on Higher Lithium Prices
(NYSE: ALB) stock fell 1.8% on Thursday following the giant lithium producer's release on the prior afternoon of its second-quarter 2023 report.
The stock's modest decline might lead some investors to believe the report was only so-so or slightly negative. This was not the case -- the report was very good. Indeed, shares had gained more than 5% in Wednesday's after-hours trading session. Thursday's reversal probably had as much to do with broader market dynamics as with Albemarle. All major stock indexes were down slightly on Thursday.
The quarter's earnings raced by Wall Street's expectation, though revenue fell somewhat short of the consensus estimate. The big earnings beat, of course, was a positive, but the best part of the report was management increasing its 2023 guidance for revenue and earnings.
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 174 € shows a very positive potential of 62.4% compared to the current price of 107.14 € for Albemarle Corp.
