UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Albemarle Corporation

In a report published Friday, Jefferies reiterated its Buy rating on Albemarle Corporation

, 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.