Albemarle (NYSE:ALB) stock is getting a boost on Thursday as investors react to a new price prediction for the shares.
The new price prediction comes from UBS analyst Joshua Spector, who set a target of $225 per share for ALB stock. That represents a potential 8.2% upside for shares. The analyst’s prior price target was $196. Also worth noting is the analyst consensus price target of $282.74 for ALB shares.
To go along with this increased price target, Spector upgraded ALB stock from a “hold” rating to a “buy” rating. The consensus rating for ALB is a “moderate buy” based on 20 analyst opinions.
Why the Bullish Stance on ALB Stock?
The UBS analyst said the following about ALB stock in a note to clients obtained by CNBC:
“We see the current inflection in China lithium pricing and 2023 earnings reset leading to increasingly positive sentiment on the stock. Inflection of lithium prices and battery production in China is setting a much higher floor vs prior cycles.”
Spector isn’t the only analyst recently impressed with ALB stock. Baird analyst Ben Kallo also weighed in on the company at the start of the week. Kallo upgraded ALB to an “outperform” rating and set a price target of $288 per share. He went so far as to say that Albermarle could be a lithium industry leader.
ALB stock is up slightly as of Thursday morning.
There’s more stock market news traders will want to know about below!
InvestorPlace is home to all of the most recent stock market news worth reading about. For Monday, that includes Sony (NYSE:SONY) spinoff talk, spinoff news from Alibaba (NYSE:BABA) and TuSimple (NASDAQ:TSP) layoffs. All of this news is ready to go at the following links!
More Thursday Stock Market News
- SONY Stock Alert: What to Know as Sony Considers Spinoff
- BABA Stock Alert: The REAL Reason Alibaba Is Trending Today
- TuSimple Layoffs 2023: What to Know About the Latest TSP Job Cuts
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
