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The world's biggest lithium company Albemarle ALB could be due for a rally as it's in 'oversold' territory
The world's biggest lithium company Albemarle $Albemarle (ALB.US)$ could be due for a rally as it's in 'oversold' territory.
In the past 12 months, the stock crossed below this level, 7 times and then rose an average of 13% in the next 20 days (Bloomberg).
I think its revenue could likely hit a record this year, as EV makers that its sells to, such as Ford $Ford Motor (F.US)$, Merc $MERCEDES-BENZ GROUP AG (MBGAF.US)$, Tesla $Tesla (TSLA.US)$, Kia, Hyundai, VW, GM $General Motors (GM.US)$ are ramping up production, while liithium orders are also expected to increase from the likes of other Albemarle customers, such as battery giant CATL.
Consensus estimates also suggest Albemarle $Albemarle (ALB.US)$ shares could lift 37% YoY. Its PE is 5.9 times.
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Jessica Amir
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