1 Wall Street Analyst Thinks Albemarle Stock Is Going to $124. Is It a Buy?
A UBS analyst recently lowered his price target for lithium mining company (NYSE: ALB) stock to $124 from $132, but kept a neutral rating on the stock. However, even that lower price target still implies a more than 20% upside from Tuesday's closing price.
As Joshua Spector of UBS notes, the price of lithium has improved marginally in 2024, but it's still far below where it peaked in November 2022.
Unfortunately, that decline has cut into Albemarle's revenue and earnings, and Wall Street now expects the company's revenue will fall from $9.6 billion in 2023 to $5.9 billion in 2024.
Source Fool.com