Citi downgraded Albemarle to Neutral from Buy with a price target of $120, down from $175. The analyst cut 2024 and 2025 EBITDA estimates by 40% on lower realized lithium prices and slightly lower volume expectations. The updated estimates prompt a rating downgrade to Neutral. While prices are approaching the bottom, Albemarle has few near-term catalysts for price appreciation in the first half of 2024, the analyst tells investors in a research note. Citi says the supply response has been limited to date and it sees downside to Albemarle’s realized pricing from current index prices and renegotiation risk.
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