Albemarle (ALB) Rallies on 5th Day on Price Target Upgrade

We recently published Market in Turmoil but These 10 Stocks Are on Fire. Albemarle Corp. (NYSE:ALB) is one of the best-performing stocks on Thursday.

Albemarle extended its gains for a 5th straight day on Thursday, as investors gobbled up shares following an investment firm’s marked price target upgrade for its stock.

At intra-day trading, Albemarle Corp. (NYSE:ALB) soared to its highest price of $119.28 before trimming gains to end the day just up by 3.85 percent at $114.57 apiece.

On the same day, investment firm UBS raised its price target for Albemarle Corp. (NYSE:ALB) by 25.9 percent to $107 from $85 previously, but maintained its “neutral” stance for the stock. However, the new target was 6.6 percent lower than the company’s latest closing price.

UBS’ upgrade followed Albemarle Corp.’s (NYSE:ALB) strong third quarter performance, where it narrowed its net loss by 85 percent to $160.7 million from $1.069 billion in the same period last year.

Adjusted EBITDA also grew by 6.7 percent to $225.6 million from $211.5 million.

Net sales, on the other hand, dipped by 3.5 percent to $1.3 billion from $1.35 billion year-on-year, primarily due to a 16 percent lower pricing in energy storage.

“Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution,” said Albemarle Corp. (NYSE:ALB) Chairman and CEO Kent Masters.

“Our successful implementation of cost and productivity improvements and reduced capital expenditures coupled with our recent portfolio management actions underscore our commitment to long-term value and enhanced financial flexibility. We remain confident in our full-year outlook and ability to navigate dynamic markets,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.