Albemarle(ALB) is the lithium industry’s 800 lb. gorilla. And while it’s been beaten down on soft lithium prices, don’t write it off. Not only is it starting to pivot from major support, it could see massive upside. From a current price of $194.51, I’d like to see it run back to $290 before the year is up.
With heavy EV demand, I’d use recent ALB weakness as a buying opportunity. Analysts at Scotiabank seem to agree, upgrading the ALB stock to outperform with a $250 price target. Bank of America also upgraded the stock to neutral with a $200 price target. Interesting to note, Bank of America had just downgraded ALB to a sell rating in early April.