TD Cowen slashed lithium stock Albemarle Corp's (NYSE:ALB) rating to "market perform" from "outperform" this morning. The firm also cut its price target all the way to $130 from $220, citing weak pricing. Separately, Albemarle announced it was laying off 4% of its workforce.
ALB was last seen up 1.2% to trade at $121.26, but earlier slipped to $117.38. Familiar support at the $112 level, home to its recent Nov. 13 three-year lows, swooped in to catch the stock's latest pullback. Still, the equity remains down 16% since the start of the year.
It's worth noting that a bout of short covering could also boost the shares. Short interest represents 12.1% of ALB's available float, or over four days' worth of pent-up buying power. Plus, the stock's 14-day relative strength index (RSI) of 30.2 sits on the cusp of "oversold" territory.
When weighing in on Albemarle stock, options look like a good way to go at the moment. This is per the security's Schaeffer's Volatility Scorecard (SVS) of 98 out of 100, which means it typically outperforms options traders' volatility expectations.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
Get This Free Report
