UPDATE: Sterne Agee Downgrades Albemarle on Valuation
In a report published Friday, Sterne Agee analyst Todd Vencil downgraded the rating on Albemarle Corporation (NYSE: ALB) from Buy to Neutral.
In the report, Sterne Agee noted, “We are downgrading Albemarle from Buy to Neutral given the recent rally in the share price and our lower estimates. We are reducing our FY2014 EPS estimate from $4.90 to $4.65 and our FY2015 estimate from $5.36 to $5.30, on lower assumed growth, partially offset by fewer shares.”
Albemarle Corporation closed on Thursday at $67.45.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.