Market Overview

UPDATE: JP Morgan Downgrades Albemarle Corporation to Neutral on Valuation

Related ALB
UPDATE: Deutsche Bank Reiterates On Albemarle On Fair Valuation
Earnings Scheduled For July 30, 2014

JP Morgan downgraded Albemarle Corporation (NYSE: ALB) from Overweight to Neutral and raised the price target from $62.00 to $67.00.

JP Morgan commented, "Albemarle shares have been excellent performers since mid-September (rising 19% versus 2% for the S&P Index) as investors aggressively purchased companies sensitive to the benefits of a cyclical upturn in the global economy. ALB was trading at 6.4x 2013E EBITDA in midSeptember. The shares now trade at 8.7x 2013E EBITDA (incl. net pension liability) and are more fairly valued, in our view. Moreover, the earnings profile of the company has probably marginally weakened over that period. We have increased our December 2013 price target from $62 to $67 to reflect rising valuations for chemical stocks generally."

Albemarle Corporation closed at $64.67 on Wednesday.

Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (ALB)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters