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Albemarle downgraded to Hold from Buy at Deutsche Bank
Albemarle initiated with an Outperform at BMO Capital on lithium exposure
As previously reported, BMO Capital analyst Joel Jackson initialed Albemarle with an Outperform rating and a price target of $160, saying it is prudent to have exposure to lithium since electric vehicle demand is a "multi-decade thematic". Jackson says lithium price will likely increase further in 2018 before possibly declining in 2019 on surpluses, adding that there is much uncertainty around supply-demand permutations.
On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Apple (AAPL) initiated with a Buy at HSBC. 2. Albemarle (ALB) initiated with an Outperform at BMO Capital. 3. Norwegian Cruise Line (NCLH) initiated with a Buy at Argus. 4. Uranium Energy (UEC) initiated with a Buy at Roth Capital. 5. Aldeyra (ALDX) initiated with an Overweight at Cantor Fitzgerald. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage,
FMC overreaction to DowDuPont comments a buying opportunity, says Wells Fargo
Wells Fargo analyst Frank Mitsch notes that FMC Corporation (FMC) shares are down over 2.5%, which he believes is due to an overreaction to comments from DowDuPont (DWDP) that CPC inventory levels were still elevated in Latin America. However, this is "NOT new news," said Mitsch, who adds that FMC has right sized its pipeline so it should not be facing the same situation. The analyst also notes that Albemarle (ALB) is down 4%, pointing out that that the House's proposed tax plan will lower or eliminate EV subsidies, which may have a longer term impact on the lithium business. However, the runway for the next 15+ months for FMC's lithium business looks promising, said Mitsch, who would take advantage of today's selloff to buy FMC shares.
Albemarle price target raised to $159 from $154 at Nomura Instinet
Nomura Instinet analyst Aleksey Yefremov raised his price target for Albemarle to $159 saying management's 2018 lithium guidance exceeded both his and consensus expectations, likely fueling "significant" EBITDA growth in 2018. He believes the company's Q3 results and outlook strengthened the lithium-driven thesis. The analyst keeps an Outperform rating on Albemarle.
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