UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Albemarle Corporation
In a report published Friday, Jefferies reiterated its Buy rating on Albemarle Corporation (NYSE: ALB), but lowered its price target from $77.00 to $75.00.
Jefferies noted, “Albemarle's cautious outlook on 1H13 strengthens our view that the reassessment of Albemarle shares and valuation will be driven more by a mid-year pick-up in electronics and construction markets (20% of sales) and how aggressively Albemarle flexes its balance sheet (0.5x of leverage adds ~$0.30 to EPS). We reiterate our Buy rating.”
Albemarle Corporation closed on Thursday at $64.67.
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