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Fly News Breaks for November 14, 2019
ALB
Nov 14, 2019 | 07:29 EDT
As previously reported, Seaport Global analyst Michael Harrison downgraded Albemarle, making him at least the fourth analyst in the last week to do so. Harrison, who cut his rating to Neutral from Buy, said "challenging" lithium market dynamics are now anticipated to continue though 2020. He previously thought long-term contracts would enable Albemarle to maintain pricing and hold margins relatively steady despite lithium challenges, but he said the company's new guidance suggests there is uncertainty around contracted pricing and margins. The Fly notes that in the last week Citi analyst P.J. Juvekar downgraded Albemarle to Sell from Neutral, RBC Capital analyst Arun Viswanathan downgraded Albemarle to Sector Perform from Outperform and JPMorgan analyst Jeffrey Zekauskas downgraded Albemarle to Underweight from Neutral.
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