UBS downgraded Albemarle to Neutral from Buy with a price target of $140, down from $253. The analyst sees a greater risk to lithium volume growth and more downside earnings risk to 2024. Lithium prices have turned down again in the last two weeks and UBS auto team recently reduced electric vehicle growth forecasts due to weaker demand expectations in Europe and the U.S., the analyst tells investors in a research note. As such, the firm sees risks of further downside estimate revisions for Albemarle.
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