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Albemarle Corporation (NYSE:ALB) shares are trading higher Monday after multiple analysts raised price targets on the stock.
What To Know: RBC Capital analyst Arun Viswanathan maintained an Outperform rating on Albemarle and raised the price target from $117 to $120. In addition, Scotiabank analyst Ben Isaacson maintained a Sector Perform rating on Albemarle and raised the price target from $70 to $85.
On Friday, Truist Securities analyst Peter Osterland maintained a Hold rating on Albemarle and raised the price target from $87 to $91. The flurry of analyst price target adjustments come after the company reported third-quarter earnings late last week.
Albemarle reported an adjusted loss of 19 cents per share, beating the consensus estimate for a 78 cent-loss. In addition, the company reported sales of $1.30 billion, beating the consensus estimate of $1.27 billion, according to Benzinga Pro.
The company said it ended the quarter with liquidity of $3.5 billion, including $1.9 billion of cash and cash equivalents.
“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 Kent Masters, chairman and CEO.
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ALB Price Action: At the time of writing, Albemarle shares are trading 6.26% higher at $103.20, according to data from Benzinga Pro.
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Posted In: ALB
