Albemarle downgraded at Evercore ISI as EBITDA looks set to contract again

Evercore ISI downgraded Albemarle (ALB) to In Line from Outperform with a price target of $88, down from $170. With “little reason to believe” a lithium price recovery lies ahead this year and the firm’s 2025 bridge math pointing toward $875M in EBITDA at $12/kg, or 17% below consensus at $1.05B, the firm is downgrading shares along with the transfer of lead coverage. EBITDA appears on pace to contract in 2025 for the third consecutive year, the analyst tells investors.