Why Shares of Albemarle Are Soaring This Week
Although the dog days of summer took a bite out of Albemarle (NYSE: ALB) in the first week of August -- with shares dropping about 2.6% -- the lithium stock is biting back this week. Thanks to positive commentary from Wall Street and momentum building with the climate bill, Albemarle's stock is on track to recover the loss it suffered last week and bound even higher.
As of 12:36 p.m. ET today, shares of Albemarle are up 17% since the market's close last Friday.
Shares began the week on an auspicious note thanks to Deutsche Bank analyst David Begleiter raising the price target to $270 from $255 on Monday morning. According to The Fly, Begleiter predicated the price target hike on the "impressive" second-quarter 2022 earnings results the company reported on Aug. 3. The analyst's higher price target likely charged up investors' enthusiasm since it suggested notably more upside to the stock than the $196 price target that Credit Suisse had provided the day after Albermarle reported earnings.
Source Fool.com
