simonkr/E+ via Getty Images

simonkr/E+ via Getty Images

GrafTech International (NYSE:EAF ) -1.3% in Tuesday's trading after Citi downgrades shares to Neutral from Buy with a $10 price target, cut from $13, saying price momentum in graphite electrodes appears to have run its course.

U.S. demand is strong but offset by waning demand from Europe, and cost pressure likely will continue, with oil hedges rolling off next year, Citi's Alexander Hacking says.

The analyst does see potential long-term upside from GrafTech's (EAF) needle coke capacity, as demand from the electric vehicle sector grows with more battery manufacturing capacity built outside of China.

GrafTech (EAF) is "a turnaround story that still isn't over," Cory Cook writes in a bullish analysis published recently on Seeking Alpha.