Albemarle (NYSE:ALB) stock is sliding lower on Tuesday after Piper Sandler provided an updated outlook on the chemical company’s shares.
Piper Sandler analyst Charles Neivert downgraded shares of ALB stock from a “neutral” rating to an “underweight” rating. To put that in perspective, the analysts’ consensus rating for ALB stock is hold based on 19 opinions.
To go along with that downgrade, Neivert also cut the firm’s price target for ALB stock from $140 per share to $128 per share. That still represents a potential upside of 6.7% for the stock. However, it’s well below the analysts’ consensus price prediction of $230.95 per share.
Why the Bear Stance on ALB Stock?
Here’s what the Piper Sandler analyst said about Albemarle in a note to clients obtained by CNBC:
“It is our belief that the market conditions now present will undermine any significant rebound in the pricing environment for at least the next few quarters, leading to further earnings erosion and estimate reduction. By virtue of their contract structures for lithium products, [Albemarkle] will likely experience significant revenue and earnings degradation in 4Q23 and further declines into 2024.”
ALB stock is down 3.8% as of Tuesday morning and 46.2% since the start of the year.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have coverage of all the hottest stock market news that traders need to know about on Tuesday! Among that is what’s going on with shares of SilverSun Technologies (NASDAQ:SSNT), Ibio (NYSEMKT:IBIO) and Meiwu Technology (NASDAQ:WNW) stock today. You can read up on these matters at the following links!
More Tuesday Stock Market News
- Why Is SilverSun Technologies (SSNT) Stock Down 28% Today?
- Why Is iBio (IBIO) Stock Down 41% Today?
- Why Is Meiwu Technology (WNW) Stock Up 113% Today?
On the date of publication, William White did not have (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.
