Is Albemarle Stock Going to $156? 1 Wall Street Analyst Thinks So.
Lithium prices have plunged by more than 80% since hitting a recent peak in November 2022. But the bottom of this latest trough may have been reached as the pricing of the metal widely used for electric vehicle (EV) batteries is up by about 10% so far this year.
That price performance led one Wall Street analyst to upgrade shares of (NYSE: ALB) from a hold rating to a buy rating this week. Bank of America Securities analyst Matthew DeYoe also boosted his share price target for the lithium miner to $156. DeYoe raised that from a previous target price of $137. The new target represents a gain of more than 21% over the next 12 months or so from its current price.
DeYoe's positive view of Albemarle stock is based on the continued recovery of lithium prices. The huge decline over the last 18 months came as electric vehicle makers began slashing prices to boost sales. The drop from initially very strong demand has been seen globally.
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 49.55% compared to the current price of 119.02 € for Albemarle Corp.
