Albemarle Stock Has Over 50% Downside, According to 1 Wall Street Analyst
There's been plenty of attention paid to the direction of the electric vehicle (EV) industry recently. After rapid growth from early adopters and fans of the products, growth seems to have notably slowed in 2024. One EV-related company feeling the effects of this slowdown is lithium supplier (NYSE: ALB).
Wall Street analyst Vincent Andrews at Morgan Stanley recently sent out a note documenting just how much the slowdown in EV sales is impacting Albemarle. Andrews reduced his firm's price target on the stock from $90 to $81 per share. If he is right, that implies a 35% downside for Albemarle stock as it is currently priced at around $125 a share. The analyst rates the shares the equivalent of a sell because of concerns that lithium demand is plunging along with EV demand.
Charlotte, North Carolina-based Albemarle has already slowed spending on a new $1.3 billion lithium processing project planned in neighboring South Carolina. That's because lithium prices have dropped as much as 90% since the start of 2023. Deferring spending on that project is just one sign that Albemarle is tightening its belt.
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 48.19% compared to the current price of 120.12 € for Albemarle Corp.
