UBS Raises Price Target on Albemarle (ALB) to $85 Following 3Q Report
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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."
Shares of Albemarle closed at $86.28 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
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