Albemarle price target lowered to $85 from $96 at Truist

Truist analyst Peter Osterland lowered the firm’s price target on Albemarle (ALB) to $85 from $96 and keeps a Hold rating on the shares after its wider than expected Q4 earnings loss. The company continues to find additional ways to lower capex and rationalize its production footprint, but with lithium prices yet to show signs of recovery, and given the potential for near-term downward revisions to Albemarle’s long-term demand forecast, the current valuation is fair relative to specialty chemical peers, the analyst tells investors in a research note.