Gabelli & Co Downgrades Albemarle (ALB) to Hold
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Gabelli & Co downgrades Albemarle (NYSE: ALB) from Buy to Hold.
Gabelli analyst says, "Downgrade to Hold given the limited margin-of-safety, challenging operating environment and weaker-than-expected 1Q performance; Revenue decline in 1Q stemmed from further deterioration in polymer additives sales, fine chemicals, and catalysts; While we expect earnings to improve sequentially as the year progresses, ALB's 2009 consolidated segment earnings (excluding corporate/unallocated) will be lackluster at best; 2010 PMV of $33 per share."
Albemarle Corporation (Albemarle) is a global developer, manufacturer and marketer of engineered specialty chemicals. Albemarle sells a diversified mix of products to a range of customers, including manufacturers of consumer electronics, building and construction materials, automotive parts, packaging, pharmachemicals and agrichemicals and petroleum refiners.
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