Albemarle +2% as Citigroup upgrades to Buy

|About: Albemarle Corporation (ALB)|By:, SA News Editor

Albemarle (NYSE:ALB) +2.2% premarket after Citigroup upgrades shares to Buy from Neutral with a $106 price target, raised from $95, which analyst P.J. Juvekar says is a "tactical call" with the stock down 30% YTD.

Citi's Juvekar does not see a collapse in lithium carbonate/hydroxide contract prices "as predicted by the bears," and models a flat-to-down contract pricing scenario after 2018 for the company.

ALB is "one of the few producers that can provide reliable, large quantities of top-quality" lithium carbonate/hydroxide to battery-makers, Juvekar says.

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