KeyBanc Maintains a 'Buy' on Albemarle (ALB); Raises Price Target
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KeyBanc maintains a 'Buy' on Albemarle Corporation (NYSE: ALB), raises price target from $29 to $35.
KeyBanc analyst says, "We attended Albermarle's annual investor day yesterday and came away incrementally positive regarding the Company's earnings potential given an economic recovery down the road. We believe ALB has attractive earnings potential near and longer term with strong leverage to a recovery in semiconductor, housing and automotive markets. In addition, we sense that Catalysts will remain a positive growth lever near term to manage the difficult external environment."
"Our EPS estimate stands at $2.20, which appears to be at the low end of ALB's potential internal plan we interpret as a range of $2.20-$2.60. On the positive, we believe the low end is achievable via cost savings, new product introduction, growth in China for Plastics and secular growth in Catalysts. Upside will need a good economic recovery. In addition, operating costs should be $160 million lower in 2010 vs. 2008."
Albemarle Corporation (Albemarle) is a global developer, manufacturer and marketer of engineered specialty chemicals.
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