UPDATE" Deutsche Bank Upgrades Albemarle

In a note issued Monday morning, Deutsche Bank analyst, David Begleiter upgraded shares of Albemarle Corporation

from Hold to Buy and maintained a $67 price target. Begleiter began by noting the Albemarle shares are down 19 percent since the company agreed to acquire Rockwood Holdings, Inc.

for $6 billion back in July. He believes the under-performance is due to the coupling of lowered second half guidance with $350 million in additional acquisition costs, which were previously undisclosed. Looking ahead however, Begleiter views the upcoming shareholder vote on the acquisition as a positive whether the outcome be yes or no. Although, he does expect approval from both company's shareholders. Begleiter commented, "With valuation an attractive 12.7x proforma (ALB plus ROC) '15 EPS vs specialty chemical peers of 15x, we believe Albemarle shares will outperform if it is successful in acquiring Rockwood."