Albemarle: Rising Lithium Prices Point to Upper End of Guidance Range

研报英文原文证据摘录

Albemarle: Rising Lithium Prices Point to Upper End of Guidance Range

Deutsche Bank

Research

Rating Company Date

Buy Albemarle 11 May 2026

North America Reuters Bloomberg Rating Buy

United States ALB.N ALB US Price target (USD) 250.00 Price at 11 May 26 209.99

52-week range 215.62 – 55.09

Industrials

Chemicals / Specialty Valuation & Risks

Rising Lithium Prices Point to Upper End of

Guidance Range DavidResearchBegleiterAnalyst

+1-212-250-5473

’26 Specialties guidance raised. Asset update positive. Reiterate Buy

Emily Fusco Albemarle shares rose 3.0% (S&P: -0.4%), following a solid Q1 release as: i) Research Associate

EBITDA beat by 50%, ii) Energy Storage ’26 outlook scenarios were maintained +1-212-250-5162

but with a bias to the upper end of the guidance range, iii) ’26 Specialities EBITDA

guidance was raised 25% (midpoint) and iv) management provided a positive

asset update.

Key changes

In the quarter, the earnings beat was driven by the timing of consumption of lower Price target (USD) 210 250 19%

cost spodumene inventory and higher bromine prices and volumes. The quarter

Source: Deutsche Bank

also benefitted from a 70% increase in Energy Storage sales due to higher lithium

prices (+51%) and volumes (+14%).

Looking ahead. Albemarle raised its ’26 Specialities EBITDA guidance by 25%

(midpoint), due to higher-than-expected bromine pricing, partially offset by

supply chain disruptions in the Middle East. And on Energy Storage, while

Albemarle maintained its three different lithium price scenarios ($10/kg, $20/kg,

$30/kg), with Chinese lithium carbonate prices up another 6% last week to nearly

$27/kg, we believe the bias for the year is toward the upper end of the $10-$30/kg

guidance range.

On lithium, the news remains positive as Albemarle noted global lithium