Citi analyst P.J. Juvekar downgraded Albemarle (ALB) to Neutral from Buy and lowered his price target for the shares to $81 from $90. The stock closed yesterday up 64c to $81.94. The analyst recommends Livent (LTHM) for investors seeking lithium exposure. Slower industrial activity and weak refining margins increases downside risks to Albemarle's Bromine and Catalysts divisions, Juvekar tells investors in a research note. He sees Bromine and Catalyst EBITDA declining through 2019. Livent should outperform Albemarle after FMC (FMC) spins its Livent stake to shareholders, says Juvekar. He points out that hydroxide, which Livent has more exposure to, is growing faster than carbonate. The analyst sees less downside risk to hydroxide prices than carbonate over the next couple of years "as the former has more tenable barriers to entry and higher concentration of competitors." Further, Albemarle has limited balance sheet flexibility following the Mineral Resources deal, which exposes it to upstream commodity risk for a few years before conversion capacity starts up, Juvekar contends.