Morgan Stanley Ups Price Target On Albemarle Corporation (ALB)

Morgan Stanley raised its price target on Albemarle Corporation

to $59 from $52, and is keeping its Overweight rating. In a note to clients, Morgan Stanley writes, "Driven by exceptional pricing power, combined with some modest volume growth, we believe Albemarle is set to earn EPS of $4.41 in 2011, some 8% above the company's 2012 target of $4.10. Trading on a 2011e P/E of 11.1x (an 18% discount to peers), the stock appears materially undervalued, despite having one of the best long-term outlooks in the in the US Chemicals sector." Shares of ALB closed at $50.07 yesterday.