Why Albemarle Stock Fell 33.4% in 2023 but Looks Primed to Rise in 2024
Shares of (NYSE: ALB) slumped more than 50% at one point in trading in 2023 before regaining some ground in the last couple of months or so. The lithium stock still ended 2023 down 33.4%, according to data provided by S&P Global Market Intelligence.
For this, you can blame a meltdown in lithium prices. Albemarle, however, is still on solid footing, and its stock price could rebound this year as investors avail this golden opportunity to buy a growth stock on the cheap.
Lithium carbonate prices plunged 80% in 2023, according to data from Trading Economics, as global demand from the electric vehicle (EV) industry dampened amid ample supply of lithium. Most of the EVs today run on lithium-ion batteries, and lithium producers like Albemarle are relying heavily on the EV battery industry for growth.
Source Fool.com
Albemarle Corp Stock
The stock is one of the favorites of our community with 26 Buy predictions and 3 Sell predictions.
As a result the target price of 175 € shows a positive potential of 44.08% compared to the current price of 121.46 € for Albemarle Corp.
