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Lithium maker Albemarle shares surge 4.4% after Goldman upgrades to buy

Shares of lithium producer Albemarle Corp. ALB, +three.36% surged four.four% Tuesday, after Goldman Sachs upgraded the inventory to shop for from impartial and stated concern about competitive growth of lithium provide are overdone. Analysts stated the the sturdy selloff in the inventory and other lithium stocks in the previous few quarters were pushed via "a jarring sentiment shift from optimistic enthusiasm for the potential of lithium to fuel the electric vehicle (EV) revolution to growing concerns about aggressive lithium supply expansions that threaten to expose lithium as just another commodity metal." Their analysis suggests that the lithium market will remain sexy and offer sturdy returns to leaders in the sector. They see upside potential of 34% for Albemarle, and 30% for rival FMC corp. FMC, +1.33% which they reiterated as a purchase. Albemarle stocks have fallen 24% in 2018, whilst FMC stocks have lost five.five%. The S&P 500 SPX, -0.49% has won 2% in the 12 months so far.