UPDATE: Bank of America Upgrades Albemarle

Loading...
Loading...
In a report published Thursday, Bank of America Merrill Lynch analyst Kevin McCarthy upgraded
AlbemarleALB
, with a $71.00 price objective. According to the report, following a difficult year in 2013, improved growth prospects in catalysts seen by analysts, where start-up costs should abate as new FCC shipments commence in 2H14. “Fine chemicals should also deliver growth from custom synthesis projects,” the report noted. “Finally, we believe investors are well compensated for risks at 14.6x our 2014 EPS estimate, which represents a 14% discount to our coverage cluster and a 6% discount to the stock's 10-year average multiple. Our DCF-based PO of $71 suggests upside potential of 11%, including a dividend yield of 1.5%.” Some highlights from the report included: -”Catalysts (37% of sales; 45% of segment income) will be key to the relative performance prospects of ALB shares in our view.” -”Additional repurchases could lend support.” -”Risk-reward has tipped favorably in our view.” ALB closed Wednesday at $66.00 with shares trading up at 1.79 percent.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesAnalyst RatingsBank of America Merrill LynchKevin McCarthy
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...