Citi analyst P.J. Juvekar downgraded Albemarle to Sell from Neutral with a price target of $58, down from $62. The analyst sees elevated inventory in lithium with ~30 kt of surplus carbonate inventory in China. Further, destocking could take another six months or more given "weak" China new electric vehicle sales on the June subsidy cut and the possibility of another subsidy cut in 2020, Juvekar tells investors in a research note. He believes Albemarle "is feeling contract price pressure" after his lithium industry contacts "show no improvement in sight."