Fly News Breaks for February 20, 2020
Feb 20, 2020 | 09:24 EDT
Morgan Stanley analyst Vincent Andrews said he expects a negative response in Albemarle shares to both lithium results that came in below expectations in Q4 and the company's 2020 guidance reduction. The company refined its 2020 adjusted EBITDA guidance from the down 10% year-over-year view that was reiterated at the December analyst day to a range of $880M-$930M, which would be down 15% to down 10% year-over-year, noted Andrews. However, there could be a more muted response as he believes that the stock is "trading more on momentum than fundamentals at present," added Andrews, who keeps an Underweight rating and $50 price target on Albemarle shares.
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