Why Are Albemarle Shares Trading Lower Tuesday?

Albemarle Corporation ALB shares are trading lower Tuesday after recent analyst actions. Baird maintained an Outperform rating on Albemarle but significantly lowered its price target from $170 to $127.

Additionally, Oppenheimer also maintained an Outperform rating on the stock but trimmed its price target to $178 from $188 to reflect spot price movements, with index contracts likely to pressure pricing. The firm noted that with lithium prices returning to declines in June, it sees the possibility of a guidance cut. This led to Oppenheimer lowering its FY24 estimates for revenue, adjusted EBITDA and EPS.

ALB Price Action: Albemarle Shares were down by 7.88% at 91.34 at the time of writing, according to Benzinga Pro.

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