Jefferies analyst Laurence Alexander lowered his price target for Albemarle to $90 from $114 while maintaining a Buy rating on the shares. Sharp downward moves in both lithium carbonate and hydroxide spot prices, along with concerns over recent capacity addition announcements, have led to a 42% decline in Albemarle shares since early December, Alexander tells investors in a research note. However, the analyst believes carbonate prices in South America and Asia appear to be troughing. Nonetheless, he thinks a ~15% bounce is likely needed to persuade investors of a sustainable turn. By 2021-2023, Alexander thinks Albemarle's valuation multiple should be driven by validation of its "competitive moat" and confirmation of its focus on delivering on high-return capital projects.