Chemical company Albermarle Corp.
ALB,
saw its common stock price drop 4.4% on Tuesday as the biggest decliner in the S&P 500
SPX,
UBS cut its price target for Albermarle to $130 a share from $140 on lower lithium prices, which have fallen amid lower-than-expected demand for electric vehicles (EVs). “We expect ALB stock to remain under pressure until there is visibility on 1) lithium price floor, 2) any supply response to lower prices…and 3) EV demand outlook,” UBS analyst Joshua Spector said in a research note. UBS reiterated a neutral rating on Albermarle amid expectations that the lithium market will remain volatile.
