Baird analyst Ben Kallo upgraded Albemarle shares to outperform, citing the company's position as a leader in the near- and longer-term.
There's a big buying opportunity in lithium company Albemarle , according to Baird. Baird upgraded the company to outperform and raised its price target to $288 from $222, which implies a gain of 47% from Friday's close.
We see upside to estimates from any increase in lithium pricing, potential tailwinds from the IRA, and the growing demand for lithium." Baird also said the oligopolistic structure in the bromine market, in which Albemarle is a top-three producer, gives the company relative pricing power. "ALB has been able to successfully implement a number of pricing increases in recent years.
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