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Albemarle could get a boost as electric vehicles grow increasingly popular, said Bryn Talkington, managing partner of Requisite Capital Management. She called the company one of the top lithium miners in the world on CNBC’s “Halftime Report ” Thursday, while noting it’s based in the U.S. Lithium is typically a component of battery cells used in electric vehicles. “As the world continues to move to EV … they’re all gonna need a ton of lithium,” Talkington said, calling it a “secular tailwind.” Talkington added that the stock will be helped regardless of which electric vehicle makers are the industry leaders going forward because they will all likely need the metal to produce cars. ALB 5Y mountain Albemarle stock cha Her trade comes about a week after the company provided a 2023 strategy update. Albemarle also offered guidance on revenue for the fourth-quarter and 2023 that came in above the respective consensus estimates of analysts polled by FactSet. Albemarle also said fourth-quarter per-share earnings would likely come in ahead of where analysts expected. For full-year earnings per share, the company expects between $26 and $33, excluding items, a range that encompasses the FactSet estimate of $27.60. Piper Sandler initiated coverage of the stock at overweight last week, with analyst Charles Neivert setting a price target of $310. His price target implies the stock could gain 8.4% over the next 12 months from where it closed Wednesday. Neivert is part of the majority on Wall Street, with nearly three out of five analysts saying the stock is wroth buying, according to Refinitiv. His price target is also around the average expected by analysts. Albemarle stock has gained 34% so far this year. It was able to outperform the broader market last year, shedding 7.2% compared with the S & P 500 ‘s 19.4% drop. The stock gained 102% and 58.5% in 2020 and 2021, respectively. Electric vehicles are expected to continue gaining market share in the coming years, with Goldman Sachs predicting adoption within the broader car market to hit 61% by 2040 . But economic uncertainty in recent months has created a pricing war among electric vehicle makers trying to stay financially stable and buoy demand. Tesla and Ford have turned to price cuts , while Rivian cut staff by 6% .
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