Davenport Upgrades Albemarle Corp (ALB) to Buy; Raises 2010 Estimates

October 28, 2009 12:00 PM EDT

Davenport upgrades Albemarle Corp (NYSE: ALB) to Buy. Price target $42.

Davenport analyst says, "We believe the valuation on the stock is currently very attractive relative to historical norms, and think that the outlook is now sufficiently clear to justify a reasonable degree of confidence in our estimates and the future path of the economy...We are leaving our 4Q2009 EPS estimate unchanged at $0.55, which implies an estimate for FY2009 of $1.80 (up from $1.76, due to the outperformance in 3Q). For FY2010, we are increasing our estimate by $0.02 to $2.38, and we are establishing a FY2011 estimate of $2.85. On yesterday’s conference call, ALB CEO Mark Rohr expressed comfort with the current consensus for 4Q2009 and FY2010, which in both cases were within a penny of our new estimates."

To see more analyst ratings on ALB Click Here.

Albemarle Corporation engages in the development, manufacture, and marketing of engineered specialty chemicals.

Related Categories

Upgrades

Stocks Mentioned

Related Entities

• Davenport

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?