Citi analyst P.J. Juvekar downgraded Livent (LTHM) to Neutral from Buy and lowered his price target for the shares to $13 from $15. The analyst also reduced his price target for Neutral-rated Albemarle (ALB) to $88 from $92. Following a site visit to the Salar de Atacama and meetings with SQM's (SQM) CFO, Juvekar gets the sense that the lithium market "has become a buyer's market." Chinese buyers seem to have become more aggressive and China's new energy vehicle subsidy cuts may weigh on the market beginning in the second half of 2019, the analyst tells investors in a research note. While Albemarle and Livent's volumes are secured under multi-year terms, pricing for future volumes could come under pressure as new conversion capacity ramps up in 2019-2020, contends Juvekar. He reduced his valuation multiples for both stocks as "competition in the lithium market increases."