UPDATE: Deutsche Bank Raises PT on Albemarle to $70, Maintains Buy

Deutsche Bank reiterates its Buy rating on Albemarle

and raises its price target by $12 to $70 a share on polymer improvement visibility and strong valuation. Deutsche Bank says, "Albemarle shares rose 4% following solid Q4 earnings driven by an exceptional performance in Fine Chemistry. Despite notable weakness in Q4, with January order book trends showing modest improvement in brominated flame retardants (

) after volumes fell 8% QoQ, investors' primarily concern surrounding BFR and electronics demand is being alleviated as it appears the worst of demand erosion and de-stocking is behind the polymers business. With pricing strong across the portfolio and valuation attractive at 11.6x ‘13E EPS, we reiterate Buy." ALB closed at $62.66 a share on Tuesday.