UPDATE: Citigroup Downgrades Albemarle Corporation to Neutral on Weaker Trends
Citigroup downgraded Albemarle Corporation (NYSE: ALB) from Buy to Neutral and lowered the price target from $74.00 to $71.00.
Citigroup commented, "We are downgrading ALB to Neutral given several headwinds in two of its businesses. Some of these headwinds may fade by 2H13, but we see only 4% EPS growth in 2013. Three key reasons for our downgrade: 1) Electronics faces near and medium-term challenges due to elevated TV inventories as well as a potential structural shift from PCs to tablets; 2) Catalysts face short-term headwinds from unfavorable mix and project startup costs; and 3) A smaller earnings stream from the company's very profitable joint venture in Jordan."
Albemarle Corporation closed at $64.67 on Wednesday.
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