As reported earlier, SunTrust analyst James Sheehan upgraded Albemarle to Buy from Hold and raised his price target to $115 from $110, saying investors have driven down the price of the stock amid lithium oversupply concern on incorrect assumption that it is a commodity. Instead, the analyst contents that a "high degree of technical expertise needed to manufacture battery-quality grades for electric cars", and expects Albemarle to sustain its margins through FY20 due to its "favorable long term contracts". Sheehan sees upside to the valuation multiple for the stock once investors see "evidence that growing lithium capacity is not as ruinous as once feared".