Lithium provider Albemarle is a top pick on the back of growing electric vehicle demand, Citi says.
Analyst Patrick Cunningham launched coverage of a group of chemicals stocks, saying Albemarle is a buy because of its long-term potential.
ALB 1D mountain Albemarle shares 1-day Albemarle shares are only up 5.5% in 2023, lagging the S & P 500, which is higher more than 13%.
The analyst's bullish view on Albemarle is based on lithium prices, which are starting to rebound from lows at the start of the year.
As Cunningham expects lithium production will continue to lag fast-growing demand for electric vehicles, now is the time for investors to snap up shares of Albemarle, he said.
Persons:
Patrick Cunningham, Albemarle, Cunningham, — CNBC's Michael Bloom
Organizations:
Citi, Albemarle
Locations:
Albemarle