In a report released today, Colin Rusch from Oppenheimer maintained a Buy rating on Albemarle Corp (ALB), with a price target of $157. The company’s shares opened today at $104.30.
Rusch commented:
“As ALB posted in-line results and maintained guidance despite two one-time shutdowns leading to ~$35M in revenue and $14-15M in EBITDA being lost during the quarter, we believe ALB continues to take a thoughtful, thorough approach to its Lithium business. As it shifts processing capacity expansion toward hydroxide from carbonate to meet customer needs, it is signing contracts that we believe provide for compelling ROIC and significant downside protection while maintaining upside optionality if EV/PHEV continue to grow in advance of expectations. We see battery chemistry innovation accelerating, particularly in anode compositions and believe ALB is uniquely positioned to provide stable volumes and diverse concentrate compositions to OEMs for highly sensitive recipes. We remain bullish on shares as we maintain forward estimates.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 10.8% and a 50.8% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Albemarle Corp with a $123.40 average price target.
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Albemarle Corp’s market cap is currently $11.71B and has a P/E ratio of 36.12. The company has a Price to Book ratio of 3.17.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock.
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Albemarle Corp. is a specialty company, which engages in developing, manufacturing, and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety, and custom chemistry services.
