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Piper Sandler initiates Albemarle at overweight, says lithium miner's earnings power underestimated

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The bank said investors are underappreciating Albemarle's growth outlook as it ramps up capacity.

Albemarle is a "lithium pure play," with strong earnings power to match, according to Piper Sandler. Piper analyst Charles Neivert began research coverage of Albemarle with an overweight rating, saying investors are underestimating the miner's earnings growth outlook. Lithium is one of five critical minerals required in electrical vehicle batteries, according to the Congressional Research Service.

However, we see a company transitioning from a cyclical to one more associated with growth, deserving a multiple more in line with its historical performance," Neivert added. Shares of Albemarle are outperforming to start the year, up nearly 25% through Wednesday's close. Last year, the stock also outpaced the S & P 500, down 6.6% compared to the broader market's roughly 19% fall.

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