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BUZZ-BofA raises PT on lithium miner Albemarle

Reuters
Nov 24
BUZZ-BofA raises PT on lithium miner Albemarle

** BofA raises PT on Albemarle ALB.N to $118 from $110

** New PT represents marginal upside to stock's last close

** Brokerage expects lithium market to be in deficit next year, driven by production discipline, lower rock recoveries and stronger Energy Storage Systems demand

** "We remain Neutral-rated on ALB given limited upside, but recent strength appears more justified," brokerage says

** Brokerage says higher market prices, if realized, may also allow ALB to reignite the capex engine, reaccelerating volume growth

** Adding that brokerage suspects ALB to remain cautious on this in near-term

** 8 of 27 brokerages rate stock "buy" or higher, 16 "hold" and 3 "sell" or lower; median PT is $100 - data compiled by LSEG

** Up to last close, shares up 35.7% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com;))

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