UBS Raises Price Target on Albemarle (ALB) to $85 Following 3Q Report

November 8, 2016 8:16 AM EST
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Price: $94.73 +1.10%

Rating Summary:
    12 Buy, 9 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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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."

For an analyst ratings summary and ratings history on Albemarle click here. For more ratings news on Albemarle click here.

Shares of Albemarle closed at $86.28 yesterday.

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