Albemarle Corp Receives a Buy from Jefferies

By Ryan Adsit

In a report released yesterday, Laurence Alexander from Jefferies reiterated a Buy rating on Albemarle Corp (NYSE: ALB), with a price target of $120. The company’s shares closed yesterday at $106.05.

According to TipRanks.com, Alexander is a 5-star analyst with an average return of 10.3% and a 63.6% success rate. Alexander covers the Basic Materials sector, focusing on stocks such as Air Products and Chemicals, Commercial Metals Company, and Sherwin-Williams Company.

Currently, the analyst consensus on Albemarle Corp is Strong Buy and the average price target is $124, representing a 16.9% upside.

In a report issued on June 12, RBC Capital also reiterated a Buy rating on the stock with a $136 price target.

The company has a one year high of $116.64 and a one year low of $74.86. Currently, Albemarle Corp has an average volume of 935.5K.

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Albemarle Corp. engages in developing, manufacturing and marketing of chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food-safety and custom chemistry services. It operates through three segments: Lithium and Advanced Materials, Bromine Specialties, and Refining Solutions. The Lithium and Advanced Materials segment consists of two divisions: Lithium and Performance Catalyst Solutions. The Lithium business develops and manufactures basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. The Performance Catalyst Solutions division includes four product lines: polymer catalysts, curatives, organometallics and electronic materials. The Bromine Specialties Segment engages in bromine and bromine-based business includes products used in fire safety solutions and other specialty chemicals applications. The Refining Solutions Segment includes two product lines: clean fuels technologies, which is primarily composed of hydro processing catalysts, and heavy oil upgrading, which is primarily composed of fluidized catalytic cracking catalysts and additives. The company was founded in 1993 and is headquartered in Charlotte, NC.