Albemarle (ALB) PT Lowered to $85 at Piper Sandler

Piper Sandler analyst Charles Neivert lowered the price target on Albemarle (NYSE: ALB) to $85.00 (from $90.00) while maintaining a Underweight rating.

The analyst commented: "We are updating our ALB model to reflect the release of 4Q and FY2024 earnings, guidance for 2025 and our own channel checks in the automotive market and a review of macro conditions just prior to and following the earnings release. Based on the data and our findings, we are retaining our UW rating on the shares and reducing the PT to $85. Valuation is based on a multiple of 11.1x 2026E EV/EBITDA (prior 10.1x). As is common for cyclical shares, the multiple tends to rise as earnings are revised downward and fall further away from midcycle levels."

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