Albemarle (NYSE:ALB) had a rough day on Tuesday, finishing as the biggest loser on the S&P 500 with an 8.7% drop to its lowest level since October 2020. This decline came as two Wall Street analysts cut their price targets for the stock. Baird analyst Ben Kallo lowered his price target to $127 from $170 due to concerns about lithium prices remaining low and the potential impact of the upcoming U.S. elections on the electric vehicle market. Meanwhile, UBS analyst Joshua Spector trimmed his price target to $109 from $124. The entire lithium industry took a hit on Tuesday, with other producers like Standard Lithium, Sigma Lithium, and Lithium Americas also seeing declines. Albemarle's shares have plummeted more than 70% from their record highs in late 2022 as lithium prices have dropped significantly. TrendForce forecasts continued low demand for lithium in July, with prices expected to fall further.