UPDATE: Piper Jaffray Initiates Albemarle Corporation at Overweight with $72 PT on Defensible Market Position
Piper Jaffray initiated coverage on Albemarle Corporation (NYSE: ALB) with a rating of Overweight and $72 price target.
Piper Jaffray noted, "We believe that Albemarle's industry-leading market positions, geographic diversity and technological advantages allow it to stand out amongst its peers. In addition, an emphasis on innovation, successes in low-cost manufacturing, and a strategic focus on improvement/expansion of core technologies position will allow the company to continually outperform its peers within the specialty and diversified chemicals sector. We believe the company's organic 2015 growth targets ($7.25 in EPS on revenues of ~$4 billion at the midpoints) are aggressive but achievable, resulting in $1 billion in EBITDA and potentially a $100+ stock."
Albemarle Corporation closed at $56.53 on Thursday.
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