Zinger Key Points
- Albemarle's shares are declining after Baird and Oppenheimer analysts maintained Outperform ratings.
- Despite recent financial challenges and a miss on Q1 EPS estimates, Albemarle exceeded revenue expectations and is set to report Q2 earnings
- Get real-time earnings alerts before the market moves and access expert analysis that uncovers hidden opportunities in the post-earnings chaos.
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.
See Also: Analysts See Upside Ahead For Amazon Stock As Prime Day Approaches
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