Albemarle Earnings Miss Expectations and Management Lowers 2023 Guidance
(NYSE: ALB) stock gained 1.4% on Thursday, following the giant lithium producer's release of its third-quarter 2023 report on the prior afternoon.
The stock's gain is attributable to market dynamics, not the company's earnings report. The stock market had a great day on Thursday, driven by the release of economic data suggesting a cooling off of labor market-driven inflation.
Indeed, Albemarle stock was down 5.1% in Wednesday's after-hours trading session, and also opened in the red on Thursday. In other words, investors viewed the report somewhat -- but not overwhelmingly -- negatively. That's because the quarter's revenue and adjusted earnings both missed Wall Street's consensus estimates, and management lowered its full-year 2023 guidance for the top and bottom lines, along with cash flow from operations.
Source Fool.com
Albemarle Corp Stock
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As a result the target price of 165 € shows a very positive potential of 96.66% compared to the current price of 83.9 € for Albemarle Corp.
