UPDATE: Goldman Sachs Upgrades Albemarle to Buy; Headwinds Subsiding
Goldman Sachs raised its rating on Albemarle (NYSE: ALB) from Neutral to Buy and increased its price target from $62 to $67.
Goldman Sachs noted, "We believe current valuation overly discounts the headwinds ALB has faced in 2012 and concerns about several management departures. We expect Polymer Solutions (PS) weakness will moderate as 2013 unfolds with substantial improvement in 2014 as PS volumes recover and profits move higher once the deep destocking cycles in the electronics supply chain reverses. Even with a conservative flattish sales outlook for PS in 2013, strength in Catalysts and Fine Chemistry should provide an earnings tailwind for about 10% EPS growth overall, possibly higher in a stronger electronics environment.
Albemarle closed at $55.11 on Monday.
Latest Ratings for ALB
|Jun 2015||Global Hunter||Initiates Coverage on||Accumulate|
|May 2015||SunTrust Robinson Humphrey||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.