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Fly News Breaks for August 9, 2019
ALB
Aug 9, 2019 | 08:31 EDT
SunTrust analyst James Sheehan lowered his price target on Albemarle to $100 after its below-consensus Q2 revenue and its decision to delay the $1.5B in capex driven by "fears of a long term oversupply". The analyst is keeping his Buy rating on the stock longer term and contends that the demand for battery grade lithium from electric vehicles remains on track. Sheehan adds that the current 7.6-times expected forward EBITDA multiple "significantly undervalues the high-margin growth potential" of Albemarle.
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