Albemarle price target lowered to $90 from $95 at Piper Sandler

Piper Sandler analyst Charles Neivert lowered the firm’s price target on Albemarle to $90 from $95 and keeps an Underweight rating on the shares. The firm has updated its Albemarle model to reflect Q2 results, new company guidance and its own recent channel checks. Lithium prices continue to slide on a global basis as new capacity significantly outpaces demand growth, Piper adds. The firm expects this condition to remain a headwind for lithium pricing and lithium shares for the next 12 to 18 months.