Albemarle Shares Plunge After Bank of America Downgrade on Lithium Oversupply Fears
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Albemarle shares tumbled after Bank of America downgraded the stock, anticipating softness in the lithium market.
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BofA cut its rating on Albemarle to "underperform" from "neutral" and slashed its price target to $161 from $212.
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BofA lowered its earnings forecasts for Albemarle in 2024 and 2025 due to expected declines in lithium prices.
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The bank warned the lithium market will move from adequately supplied to oversupplied starting in 2024.
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Albemarle shares sank to their lowest level in 2.5 years following the downgrade.
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