Albemarle (ALB) Rallies on 5th Day on Price Target Upgrade

We recently published Market in Turmoil but These 10 Stocks Are on Fire. Albemarle Corp. (NYSE:ALB) is one of the best-performing stocks on Thursday.

Albemarle extended its gains for a 5th straight day on Thursday, as investors gobbled up shares following an investment firm’s marked price target upgrade for its stock.

At intra-day trading, Albemarle Corp. (NYSE:ALB) soared to its highest price of $119.28 before trimming gains to end the day just up by 3.85 percent at $114.57 apiece.

On the same day, investment firm UBS raised its price target for Albemarle Corp. (NYSE:ALB) by 25.9 percent to $107 from $85 previously, but maintained its “neutral” stance for the stock. However, the new target was 6.6 percent lower than the company’s latest closing price.

UBS’ upgrade followed Albemarle Corp.’s (NYSE:ALB) strong third quarter performance, where it narrowed its net loss by 85 percent to $160.7 million from $1.069 billion in the same period last year.

Adjusted EBITDA also grew by 6.7 percent to $225.6 million from $211.5 million.

Net sales, on the other hand, dipped by 3.5 percent to $1.3 billion from $1.35 billion year-on-year, primarily due to a 16 percent lower pricing in energy storage.

“Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution,” said Albemarle Corp. (NYSE:ALB) Chairman and CEO Kent Masters.

“Our successful implementation of cost and productivity improvements and reduced capital expenditures coupled with our recent portfolio management actions underscore our commitment to long-term value and enhanced financial flexibility. We remain confident in our full-year outlook and ability to navigate dynamic markets,” he added.

While we acknowledge the potential of ALB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.