KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Albemarle to $254 from $291 on softer earnings, while keeping an Overweight rating on the shares. The firm is lowering both its Q3 and 2023 EBITDA estimates owing to the recent declines in spot lithium prices. KeyBanc stands 22% below the consensus EBITDA estimate for Q3 and 6% below consensus for 2023. While it acknowledges the price tumble in the Chinese spot market in recent months, the firm is becoming increasingly more confident in a market bottom in the coming weeks.
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