$ALB Albemarle's (ALB -0.2%) small loss on the day places it ahead of peers amid broad market losses, likely helped by an upgrade to Buy from Neutral and a $150 price target at UBS, which notes the stock is down 23% from a November high despite no change to the outlook for lithium.
UBS expects lithium demand to triple by 2025 and attributes the pullback to larger scale lithium expansion announcements and raising concerns of potential oversupply; the firm calculates the market is pricing in 10% annual realized price declines for ALB over the next few years.
While spot prices may decline, the firm thinks ALB is well protected due to its shift to longer term fixed-price contracts for most of its battery grade volumes.
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