As previously reported, Berenberg analyst Sebastian Bray downgraded Albemarle to Hold from Buy, stating that he had not anticipated "what appears to be a concerted attempt by national governments" to pressure lithium prices in order to promote local battery production. The December announcement by the state-owned Bolivian miner YLB that it will cooperate with German partner ACI Systems to produce 40kt of lithium hydroxide pa from 2022 could mark the start of a fundamental shift in supply, Bray tells investors. He cut his price target on Albemarle shares to $90 from $130.