UBS analyst John Roberts upgraded Albemarle to Buy with an unchanged price target of $150. The stock is down 23% from the November high despite no change to the outlook for lithium, Roberts tells investors in a research note. The analyst attributes the pullback to larger scale lithium expansion announcements and raising concerns of potential oversupply. He believes the market is pricing in 10% annual realized price declines for Albemarle over the next few years. While spot prices may decline, the company is well protected due to its shift to longer term fixed-price contracts for the majority of its battery grade volumes, Roberts contends. He notes that UBS expects lithium demand to triple by 2025.