Morgan Stanley Ups Price Target On Albemarle Corporation (ALB) - Albemarle (NYSE:ALB)

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Morgan Stanley raised its price target on Albemarle Corporation (NYSE: ALB) 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.

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