Albemarle upgraded at Berenberg, seeing fresh start after disappointing Q4

seekingalpha04-12

Albemarle (NYSE:ALB) +0.4% in Thursday's trading as Berenberg upgrades shares to Buy from Hold with a $160 price target, raised from $130, citing expectations for rising lithium volumes, upside to ...

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Albemarle's (ALB) Q4 2023 results and FY 2024 guidance were a disappointment, and followed by a surprise $2.3B convertible preferred stock issuance, and Berenberg analysts think both events have reset market expectations for a fresh start at the company. Recent pessimism regarding electric vehicle sales growth is a contrarian buy sign, Berenberg believes, saying the fundamental growth story for lithium miners remains unchanged, and spodumene prices have started to firm up, indicating support and perhaps even upside for current lithium prices. Finally, Albemarle's (ALB) capital raise means the company will be able to continue to expand during an anticipated bleak 2024 for the industry, further entrenching the company's leadership position going forward, Berenberg says. Albemarle (ALB) also was upgraded this week at Bank of America on the view that lithium pricing bottomed in Q1 and market fundamentals could improve.  More on Albemarle  Dirt Cheap: Why Albemarle Is My Favorite EV Stock In A Horrible Market Albemarle Is Losing Money, Lithium Market Turnaround Is Near Albemarle: The Race To Cut Costs","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426298586"}