BUZZ-Citigroup cuts Albemarle PT on lower lithium price estimates

Lithium miner Albemarle's ALB.N shares fall ~1% to $74.54 premarket

Brokerage Citigroup cuts PT to $85 from $105

New PT is a 13% upside to stock's last close

Citi estimated lithium pricing in Q4 at $11,000 per tonne, lower than its ~$13,000 per tonne estimate previously in 2024

For FY 2025, brokerage lowers pricing estimate to ~$11,500 per tonne from ~$12,700 a tonne previously

Citi says it remains on the sidelines for ALB stock

Of the 28 brokerages that cover the stock, eight rate it "buy" or higher, 17 "hold" and three rate it "sell" or lower; their median PT is $100 - data compiled by LSEG

In 2024, stock fell 40.4%