Albemarle hits four-year-low as lithium prices slide
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 10 July 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, July 10th. I'm Julie Morgan. |
| 0:12.0 | Alba Marl takes a hit. July 10th, I'm Julie Morgan. |
| 0:12.8 | Albemarle takes a hit. |
| 0:14.8 | The stress on commercial real estate isn't going away anytime soon, |
| 0:18.9 | and Oracle's deal with X-A-I falls apart. |
| 0:23.0 | Albemarle finished Tuesday's trading |
| 0:25.1 | as the biggest loser on the S&P 500, down 8.7%. |
| 0:30.0 | This is its lowest since October of 2020 as two Wall Street analysts cut their price targets for the stock. |
| 0:37.0 | Baird analyst Ben Callow lowered his price target to $127 from $170, even while maintaining an overweight rating. |
| 0:45.4 | He said lithium prices have remained at or below the low end of ALB's guidance, which |
| 0:50.9 | sets up a week Q2 report for the company. |
| 0:53.9 | Kalo also noted concerns about the effect this year's U.S. elections could have on the |
| 0:59.0 | electric vehicle market, which directly affects lithium battery demand. |
| 1:03.7 | The analyst sees automakers potentially holding back production or committing to more stringent |
| 1:08.9 | transition targets afterwards as they await clarity on any potential changes in government |
| 1:14.5 | EV tax credits. Additionally, UBS analyst Joshua Specter who rates Alba Marl |
| 1:20.3 | at hold trimmed his price target to 109 from 124. |
| 1:25.0 | Other lithium producers also fell on Tuesday, |
| 1:28.0 | including Standard Lithium, Sigma Lithium, Lithium, Lithium, |
| 1:31.0 | Lithium, Lithium, Lithium, and |
| 1:34.1 | SQM with standard lithium falling the most at 7.6%. |
... |
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