UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Albemarle Corporation

In a report published Monday, Jefferies & Company reiterated its Buy rating on Albemarle Corporation ALB, and raised its price target from $67.00 to $77.00. Jefferies noted, “By mid-2013E, improvements in electronics (14% of sales) and construction (6%), coupled with modest gains in automotive (6%), should drive a reassessment of Albemarle shares, which currently trade at a 30% discount to the S&P 500 and a 25% discount to the company's average valuation in 2010-2011. We reiterate our Buy rating.” Albemarle Corporation closed on Friday at $59.79.