Albemarle a ‘deep value idea’, says Argus

Argus keeps a Buy rating and $124 price target on Albemarle (ALB) while calling the stock a “deep value idea”. Shares have underperformed over the past six months, declining 10% and also falling 70% from all-time highs, but while the trends in the lithium market are impacting Albemarle’s current earnings, the company’s balance sheet is solid and its management is taking steps to reduce costs and conserve cash, the analyst tells investors in a research note. The current fundamental valuation metrics for Albemarle are “highly attractive” and the stock looks “materially undervalued”, Argus adds.