Deutsche Bank Lowers Numbers on Albemarle (ALB) after 2nd-Half Update, Keeps Buy on Valuation
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Price: $67.34 +1.61%
Rating Summary:
6 Buy, 9 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
6 Buy, 9 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ALB Now!
Deutsche Bank lowered estimates and its price target on Albemarle (NYSE: ALB) from $70 to $65 but kept its Buy rating saying valuation is attractive.
The firm is lowering 2H12 and '13 EPS estimates for Albemarle by 15% and 6%, respectively following the 2nd-half update at a conference this week. "Coupled with the recent departure of the company's well regarded COO and increased sovereign risk in relation to its Jordanian bromine assets following this week's events in the Middle East, our confidence in the Albemarle investment story has decreased," the firm said. That said, they believe the issues impacting 2H12 earnings are transitory, not structural, and valuation is attractive at 10.6x '13E EPS.
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 $53.48 yesterday, with a 52 week range of $38.02-$68.51.
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The firm is lowering 2H12 and '13 EPS estimates for Albemarle by 15% and 6%, respectively following the 2nd-half update at a conference this week. "Coupled with the recent departure of the company's well regarded COO and increased sovereign risk in relation to its Jordanian bromine assets following this week's events in the Middle East, our confidence in the Albemarle investment story has decreased," the firm said. That said, they believe the issues impacting 2H12 earnings are transitory, not structural, and valuation is attractive at 10.6x '13E EPS.
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 $53.48 yesterday, with a 52 week range of $38.02-$68.51.
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