Albemarle (ALB) PT Raised to $133 at RBC Capital

RBC Capital analyst Arun Viswanathan raised the price target on Albemarle (NYSE: ALB) to $133.00 (from $108.00) while maintaining a Outperform rating.

The analyst comments "Overall, ALB had a decent 3Q with dd% growth in Energy Storage, Specialties earnings inflecting positive y/y, and ALB maintained its outlook for the ~$12-15k/ton lithium case despite weaker pricing given significant cost improvement. Additionally, ALB highlighted ~$300-400M of runrate cost improvements it is targeting by year-end 2025, and lower capex of $800M-$900M (~-50% y/y) should continue to aid its FCF profile. We are adjusting our Q4/FY24/ FY25 EBITDA estimates to $141M/$1030M/$1100M EBITDA from $163M/$980M/ $1280M, and raise our PT to $133 from $108 on a higher 16x (from 11.0x) multiple given what we view as trough lithium pricing and volume."

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