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ALB

Albemarle

$74.01

0.07 (0.09%)

16:20
01/24/19
01/24
16:20
01/24/19
16:20

Albemarle, Corfo announce resolution in Chile

Albemarle announced that the company has reached an agreement with the Chilean Economic Development Agency (Corfo) on the process for establishing and validating the preferential price and terms to be offered to specialized manufacturers meeting the criteria set forth in the Amendment. As a result, Corfo will not file the previously disclosed arbitration claim. In December 2016, Albemarle and Corfo entered into an Amendment to the Basic Agreement to increase the company's authorized lithium quota to 2 million metric tons on an LCE basis. The Amendment provides Albemarle with the right to produce over 80,000 MT annually of technical and battery grade lithium salts through at least 2043 at its expanding battery grade manufacturing facilities at La Negra, Chile. In 2019, Albemarle will produce 40,000 to 45,000 MT on an LCE basis in that facility, and the expansion of that site to the full 85,000 MT remains on track to begin commissioning in 2020. "We are pleased to have jointly developed this process that meets the spirit of the Amendment with Corfo and is in line with what we expected our commitment on preferential pricing and terms to be," said Eric Norris, Albemarle President Lithium. "The agreed upon process will have no material impact on our anticipated earnings growth, margins or other financial results."

  • 21

    Feb

ALB Albemarle
$74.01

0.07 (0.09%)

01/18/19
LOOP
01/18/19
NO CHANGE
Target $112
LOOP
Buy
Albemarle price target lowered to $112 from $128 at Loop Capital
Loop Capital analyst Chris Kapsch lowered his price target on Albemarle to $112 to reflect investors' sentiment turning more cautious on the debate whether lithium is a "commodity or specialty". The analyst also keeps his Buy rating on the shares and recommends that investors buy at current levels given the sharp pullback in the stock price. Kapsch contends that the implied valuation on the lithium franchise is too low, anticipating higher lithium prices this year.
01/15/19
VERF
01/15/19
NO CHANGE
Target $59
VERF
Sell
Vertical Group cuts Albemarle price target to Street-low $59
Vertical Group analyst James Bardowski lowered his price target for Albemarle to $59 from $86 and reiterates a Sell rating on the shares. Nomura Instinet this morning also downgraded Albemarle to Neutral from Buy. The stock in early trading is down 2%, or $1.47, to $75.50. Bardowski's new price target is the low among sell-side analysts tracked by Bloomberg. Albemarle's 50% interest in the Wodgina Li project is likely a long-term positive, but near-term it will bring higher costs and lower margins despite a modest boost to volumes, Bardowski tells investors in a research note. Further, the analyst believes Albemarle's Lithium segment could fall short of expectations in Q4. That segment is what investors care most about, says Bardowski. His new price target represents 23% downside from current levels.
01/15/19
VERF
01/15/19
NO CHANGE
Target $59
VERF
Sell
Albemarle price target lowered to $59 from $86 at Vertical Group
01/15/19
NOMU
01/15/19
DOWNGRADE
Target $16
NOMU
Neutral
Nomura downgrades Livent to Neutral on lithium price concerns
Nomura Instinet analyst Aleksey Yefremov downgraded Livent (LTHM) to Neutral from Buy with an unchanged price target of $16. The analyst expects lithium price data points to surprise negatively in coming months. These data points could drive Livent's trading multiples lower, Yefremov tells investors in a research note. He also downgraded Albemarle (ALB) this morning for a similar rationale.

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