Lithium miner Albemarle adds to rally on upbeat forecast
04/05/2022 22:08
** Albemarle Corp ALB.N shares jump >17% in extended
trading, adding to big gain in regular session on Weds, after co
lifts annual forecast
** Co's qtrly profit more than doubled on strong demand for
lithium and it now expects FY net sales of $5.2-$5.6 bln, up
from prior forecast of $4.2-$4.5 bln urn:newsml:reuters.com:*:nL3N2WW2XV
** ALB on Weds rose 9.3% to $215.47, helped by read-across
from Livent Corp's LTHM.N 2022 forecast boost urn:newsml:reuters.com:*:nL3N2WW1H4
** Avg rating among 23 analysts covering ALB is "buy" and
median PT is $262, per Refinitiv data
** Shares down 7.8% YTD vs S&P 500's .SPX 9.8% decline and
S&P 500 Materials sector's .SPLRCM 2.5% drop
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))