{"id":7481,"date":"2023-05-11T18:29:43","date_gmt":"2023-05-11T22:29:43","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/albemarle-climbs-following-upgrade-at-keybanc\/"},"modified":"2023-05-11T18:29:43","modified_gmt":"2023-05-11T22:29:43","slug":"albemarle-climbs-following-upgrade-at-keybanc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7481","title":{"rendered":"Albemarle climbs, following upgrade at KeyBanc"},"content":{"rendered":"
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\u00a9 Reuters. Albemarle climbs following upgrade at KeyBanc<\/span>
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Shares of Albemarle <\/span><\/span> (NYSE:) climbed Thursday morning, rising by over 2%. Gains followed an upgrade to Overweight by analysts at KeyBanc, citing attractive valuation and improving risk-reward in lithium due to developments in China.<\/p>\n

KeyBanc analysts explained, \u201cWe expect demand for lithium in China to improve after a downturn that started in November 2022. Our recent checks from the Li industry in China indicate that inventories at the battery cell\/EV OEM level are declining, and could bottom out in the coming months.\u201d<\/p>\n

They think lithium purchase orders from large buyers could resume shortly.<\/p>\n

\u201cSpot Li market in China already turned from long to tight again, after bouncing off a cost floor; spot Li carbonate is up $3,977\/ton or 17% from late April,\u201d continued the analysts, adding \u201cEV sales in China have been consistently improving from late-2022 weakness.\u201d<\/p>\n

KeyBanc noted that recent auto OEM EV price cuts will stimulate lithium demand, and demand outside of EVs continues to be strong.<\/p>\n

\u201cOverall, we view the supply\/demand outlook for lithium as balanced over the next 12 months, which should at least support prices at current levels, as well as EBITDA expansion, given ALB’s 17-19% LT volumes CAGR,\u201d concluded the analysts. \u201cWe see more limited downside risks to consensus after recent guidance cut, and management’s mark-to-market assumption of ~$40\/kg Li price in 2H23. We also see upside potential to consensus in ’24 as ALB’s lagging spodumene costs catch up to lower market prices.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Albemarle climbs following upgrade at KeyBanc Shares of Albemarle (NYSE:) climbed Thursday morning, rising by over 2%. Gains followed an upgrade to Overweight by analysts at KeyBanc, citing attractive valuation and improving risk-reward in lithium due to developments in China. KeyBanc analysts explained, \u201cWe expect demand for lithium in China to improve after […]<\/p>\n","protected":false},"author":1,"featured_media":7482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-7481","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAlbemarle climbs, following upgrade at KeyBanc | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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