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

In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Albemarle Corporation ALB, but lowered the price target from $80.00 to $78.00. In the report, Alexander noted, “We are lowering 2013E $0.25 to $5.00, 2014E $0.20 to $5.95 and 2014E $0.20 to $6.80 to reflect slightly more cautious margin assumptions and a 1% reduction to our sales forecast for 2014E and 2015E. We still forecast a 13% EPS CAGR in 2013E-2015E based on a recovery in electronics and construction markets (20% of sales) and buybacks. We reiterate our Buy rating.” Albemarle Corporation closed on Thursday at $62.52.