KeyBanc downgrades Albemarle on recent rally in shares

KeyBanc last night downgraded Albemarle (ALB) to Sector Weight from Overweight without a price target The firm cites the recent share outperformance for the downgrade. In addition, current lithium prices are below reinvestment levels, which is unsustainable over the long term, the analyst tells investors in a research note. KeyBanc views the stock’s 24% rally since June 23 as an “opportunity to reduce risk.” It does not see the momentum driving a new lithium price cycle over the next 6-12 months.