Copyright Benzinga
Albemarle Corporation (NYSE:ALB) shares are trading higher Monday after multiple analysts raised price targets on the stock. ALB shares are climbing with conviction. Check the fundamentals here. What To Know: RBC Capital analyst Arun Viswanathan maintained an Outperform rating on Albemarle and raised the price target from $117 to $120. In addition, Scotiabank analyst Ben Isaacson maintained a Sector Perform rating on Albemarle and raised the price target from $70 to $85. On Friday, Truist Securities analyst Peter Osterland maintained a Hold rating on Albemarle and raised the price target from $87 to $91. The flurry of analyst price target adjustments come after the company reported third-quarter earnings late last week. Albemarle reported an adjusted loss of 19 cents per share, beating the consensus estimate for a 78 cent-loss. In addition, the company reported sales of $1.30 billion, beating the consensus estimate of $1.27 billion, according to Benzinga Pro. The company said it ended the quarter with liquidity of $3.5 billion, including $1.9 billion of cash and cash equivalents. “Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution,” said Kent Masters, chairman and CEO. Related Link: Commodities’ 2020s Bull Supercycle: Why The Second Leg Is Just Getting Started
