HSBC upgrades Albemarle to Buy on higher lithium prices

HSBC analyst Ishan Jain upgraded Albemarle (ALB) to Buy from Hold with a price target of $200, up from $117. The firm says the rise in lithium prices will Albemarle’s negotiations when its contracts rollover in the next 18-24 months. The company’s free cash flow and balance sheet are improving on lower spending, increased capital raises, better efficiency and the sale of non-core businesses, the analyst tells investors in a research note.