Should You Buy Albemarle Stock While It's Still Down?
Integrated mining and refining operation Albemarle (NYSE: ALB) was early to pick up on the impending demand for lithium -- a key ingredient in lithium-ion batteries used in smartphones and electric vehicles (EVs). The company got new supply up and running ahead of spiking demand for EVs over the last few years. But as an EV battery needs orders of magnitude more lithium than a small smartphone, global supply was inadequate, causing lithium prices to spike. Albemarle stock performed in much the same way through the end of 2022: It soared.
As is the case with cyclical businesses tied to manufacturing, though, lots of new competing lithium supply has come online in 2023, just in time for EV sales growth to slow dramatically. Booming lithium prices have fallen, dragging Albemarle stock with it. Shares are down more than 60% from all-time highs late in 2022 and are now up a meager 30% over the last five-year stretch.
With Albemarle down on its luck, is now the time to buy?
Source Fool.com
Albemarle Corp Stock
Our community is currently high on Albemarle Corp with 31 Buy predictions and 13 Sell predictions.
As a result the target price of 145 € shows a very positive potential of 66.74% compared to the current price of 86.96 € for Albemarle Corp.
