While the estimation of just how high manufacturer 's (NYSE: ALB) stock can rise may have dipped from his previous thinking, Christopher Kapsch, an analyst at Loop Capital still sees ample upside. Trimming his previous price target of $168, Kapsch last week said he sees shares of Albemarle headed to $162, and he maintains a buy rating on the lithium company's stock.

Based on the stock's Monday afternoon price of $124.18, Kapsch's price target implies an upside of about 30% over the next 12 months or so.

According to Thefly.com, Kapasch acknowledges that the market's sentiment regarding Albemarle right now isn't the best for a couple of reasons. In addition to concerns about the declining price of lithium, investors are distancing themselves from Albemarle stock after the company raised almost $2 billion in net proceeds from a new offering of depositary shares.

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Source Fool.com