Albemarle Corp (NYSE:ALB) stock is up 2.5% to trade at $162.03 at last glance, after an upgrade at Baird to "outperform" from "neutral," with a price-target hike to $210 from $113. The analyst in coverage noted strong lithium demand and higher prices.
There's plenty of room for additional bull notes, with nine of the 26 analysts in coverage still carrying a tepid "hold" or worse, while the 12-month consensus target price of $135.43 is a 16.3% discount to current levels.
ALB is pacing for its fourth-straight gain after yesterday marking its best day since October and hitting a two-year high of $164.98. The security has added a whopping 167.5% over the last 12 months, and has enjoyed support from the 20-day moving average since early November.
An unwinding of pessimism in the options pits could create additional tailwinds for Albemarle stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ALB's 50-day put/call volume ratio of 1.09 sits higher than 93% readings from the last year.
This could be a great opportunity to weigh on the stock's next moves with options, which area affordably priced at the moment. This is per the equity's Schaeffer's Volatility Index (SVI) of 55% that sits higher than just 12% of readings from the last year.
