Albemarle (ALB)

Jan 25, 2023Trade Ideas

Keep an eye on lithium producer Albemarle (ALB).

As hoped, the ALB stock just broke above double top resistance, and could go on to test $280. That could happen for two key reasons. One, the world desperately needs more lithium to meet “green energy” and climate change goals. And two, ALB continues to impress with guidance.

In its most recent quarter, ALB projected 2023 sales growth of between 50% and 75% compared with 2022. “Management projected sales of between $11.3 billion and $12.9 billion, while Wall Street currently anticipates 2023 sales of $10.1 billion,” added Barron’s.

“Albemarle believes lithium sales to battery-related industries will grow about 25% a year on average between 2022 and 2027. By the end of 2027, Albemarle expects total company sales to be roughly $18 billion and that earnings before interest, taxes, depreciation, and amortization, or Ebitda, will be about $7.8 billion.”

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