UBS Raises Price Target on Albemarle (ALB) to $85 Following 3Q Report
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
UBS reiterated a Neutral rating on Albemarle (NYSE: ALB), and raised the price target to $85.00 (from $84.00), following the company's 3Q earnings report. Adjusted EPS was reported at $0.91, compared to $0.80 estimates. 4Q EPS was guided to $0.72 at the midpoint, compared to $0.75 estimates.
Analyst John Roberts commented, "Continuing operations adj. EBITDA rose 10% on 7% higher adj. sales. Sales growth of 30% in Lithium largely balanced by 0-3% growth in Refinery Catalysts & Bromine Specialties. Smaller Performance Catalyst Solutions & other were flat to down. Chemetall coatings unit sale expected to close during fourth quarter, & is excluded from estimates as discontinued. Adj EBITDA was $188M for the quarter, +$16m vs. UBSe, with ~$5M beats in lithium & bromine and ~$10M beat in refining solutions, offset by higher corporate costs. ALB raised EBITDA guidance for ongoing operations (excluded Surface Treatments in 1Q) by ~$10M at the mid-point (now $735M), roughly in line with 3Q beat."
Shares of Albemarle closed at $86.28 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!