Jefferies Raises Price Target on Albemarle (ALB) to $77

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Jefferies reiterated a Buy rating on chemical’s company Albemarle (NYSE: ALB) and raised its price target to $77.00 (from $67.00).

"By mid-2013E, improvements in electronics and construction, coupled with modest gains in automotive, should drive a reassessment of Albemarle shares, which currently trade at a 10% discount to the company's average valuation in 2010-2011," said analyst Laurence Alexander.

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 $59.79 yesterday, with a 52 week range of $47.82-$68.51.

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