
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