In a report released today, Ben Kallo from Robert W. Baird upgraded Albemarle to a Buy, with a price target of $210.00.
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Ben Kallo has given his Buy rating due to a combination of factors tied to Albemarle’s improving fundamentals and the lithium market backdrop. He highlights that lithium prices have recently climbed meaningfully, supported by robust demand from stationary energy storage and a more disciplined supply environment in China, and he believes this strength is sustainable rather than merely seasonal. Albemarle’s Energy Storage segment is expected to benefit disproportionately from these trends, with better revenue growth and margin expansion following recent cost-cutting efforts. Even after a notable share price rally, he views the stock as attractively valued, trading at a substantial discount to peers on a 2026 EV/EBITDA basis.
Ben Kallo also points to Albemarle’s earnings power under various lithium pricing scenarios as a key underpinning of his positive stance. He anticipates 2026 guidance will be framed around a range of lithium price assumptions, and notes that at mid-range price levels the company can already generate strong EBITDA, with further upside if prices continue to move above $15/kg. His updated estimates call for solid EBITDA in 2026–2027, and his new $210 price target is based on a premium multiple relative to peers that he believes is justified by Albemarle’s leverage to storage demand and improving market conditions. Taken together, these dynamics support his view that the shares have more room to appreciate, warranting an Outperform/Buy rating.
In another report released yesterday, Jefferies also assigned a Buy rating to the stock with a $167.00 price target.