In a report released today, Colin Rusch from Oppenheimer maintained a Buy rating on Albemarle Corp (NYSE: ALB), with a price target of $157. The company’s shares closed yesterday at $94.65, close to its 52-week low of $86.75.
Rusch said:
“As investors continue to debate the commodity vs. specialty chemicals nature of the lithium market, we believe the market remains in the early days of a decade or longer ramp to meet the needs of the transportation market. We see ongoing evolution of battery chemistries and geometries requiring collaboration between battery pack integrators, battery OEMs, and materials suppliers to reduce weight and extend battery performance. We continue to believe that ALB’s combination of specialty chemical expertise, security of supply, and resilient customer contracts put the company in a de-risked position to benefit from technology evolution and PHEV/ EV growth. We remain constructive on shares as we believe bearish concerns on excess supply, price rationalization, and new entrant success are priced in at current levels.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 15.4% and a 50.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Canadian Solar Inc, and Fuelcell Energy.
Albemarle Corp has an analyst consensus of Strong Buy, with a price target consensus of $128.
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The company has a one-year high of $144.99 and a one-year low of $86.75. Currently, Albemarle Corp has an average volume of 1.67M.
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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.
