8 Best EV Battery Stocks To Buy in Late 2024

2. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 32

Albemarle Corporation (NYSE:ALB) is a major American specialty chemicals company that operates in lithium, bromine specialties, and catalysts. It is heavily involved in the global lithium market, especially for EV batteries. The company produces lithium carbonate and lithium hydroxide for battery applications, along with advanced solutions like lithium metal anodes and lithium sulfide to improve energy density and safety.

It is also working to increase its lithium production capacity, aiming to double lithium carbonate output by 2025. It is also developing the Kings Mountain mine in North Carolina to boost the domestic lithium supply. Partnerships with automakers such as Ford and BMW further strengthen its role in the EV sector, with long-term agreements for battery-grade lithium hydroxide.

On October 10, it was reported by TipRanks that DBS analyst Tina Ting Hu reaffirmed a Buy rating on Albemarle (NYSE:ALB) with a price target of $100. Hu’s positive outlook is based on the company’s potential growth in the EV market and energy storage sector, despite a recent drop in net income and sales forecasts.

The analyst highlighted that growth in the EV market, fueled by technological advancements and supportive government policies, is expected to drive higher demand for lithium, which is key to the company’s operations. The analyst also noted that several upcoming projects could lead to a 20% compound annual growth rate in sales volume by 2027. Additionally, the company’s tolling business expansion is expected to improve its ability to meet rising demand in the energy storage market. Hu also sees potential for Albemarle (NYSE:ALB) to improve its margins.