Bank of America Maintains Buy on Albemarle (ALB), Sees Lithium Price Momentum Driving Upside

Albemarle Corporation (NYSE:ALB) ranks among the best mid-cap materials stocks to buy now. Bank of America maintained its Buy rating on Albemarle Corporation (NYSE:ALB) on August 11 with a price target of $84, pointing to possible upside owing to the near-term momentum in lithium price.

The investment bank stated that the price of lithium has “rallied hard off a June bottom” and anticipates further price increases due to recent news regarding CATL. According to BofA’s current model, spot prices for lithium carbonate are expected to hit $9.5/kg in 2026, surpass $15/kg by 2027, and reach $20/kg by 2030.

Although BofA’s price target remains $84, the firm pointed out that Albemarle Corporation (NYSE:ALB) is valued at $109 based on its discounted cash flow analysis (NAV) component, indicating a substantial potential upside from current levels.

Albemarle Corporation (NYSE:ALB) focuses on engineered specialty chemicals. The company’s dominance in the lithium industry provides it a vital position across the EV supply chain, with EV clients accounting for more than 80% of its sales. Albemarle’s range is further broadened by its position as a pioneer in catalyst products and one of the top three bromine producers.

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