UPDATE: Deutsche Bank Downgrades Albemarle Corporation on Lack of Near Term Catalysts
Deutsche Bank downgraded Albemarle Corporation (NYSE: ALB) from Buy to Hold and raised the price target from $64.00 to $70.00.
Deutsche Bank noted, "While we see no signs of structural deterioration in Albemarle's core bromine or catalyst franchises (both of which should underpin a return to 10%-plus EPS growth in '14E), we are downgrading Albemarle to Hold from Buy owing to a lack of near-term catalysts as '13 EPS will be back-end loaded and valuation, while not stretched, is nonetheless fair at 13.2x '13E EPS. Most disappointing in the near-term is that Catalysts, which was expected to have a 'step-out' earnings year in '13, is seeing the step shortened due to a number of factors (e.g. less favorable HPC mix, FCC customer turnarounds). With 1H '13E EPS down 17%, YoY, we believe the shares will be range-bound in the near-term.
Albemarle Corporation closed at $64.67 on Wednesday.
Latest Ratings for ALB
|Aug 2014||JP Morgan||Maintains||Neutral|
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