Morgan Stanley analyst Vincent Andrews lowered his price target for Albermarle (ALB) shares to $50 from $60 and keeps an Underweight rating on the stock, citing his lower 2020 EBITDA forecast, a lower EBITDA multiple for the lithium segment and the company's increase in leverage due to the MinRes JV purchase. While it has become the consensus view that lithium is oversupplied, expectations for 2021 and beyond on both demand and price remain too optimistic, contends Andrews. He keeps an Equal Weight rating on SQM (SQM) with a $31 price target, down from $34, citing his view that relative valuation and earnings momentum create opportunities when compared to Albemarle.