Albemarle price target lowered to $127 from $132 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Albemarle (ALB) to $127 from $132 and keeps an Overweight rating on the shares. The firm is encouraged by Albemarle’s strong actions to reduce capex and $300M-$400M in fixed costs. The lithium market remains at trough conditions. KeyBanc still finds current Li prices to be unsustainable from the cost-curve and reinvestment economics perspectives. Reflecting this tough environment, the firm lowers its 2025 price assumptions to mirror current second half of 2024 prices.