KeyBanc Cuts Price Target on Albemarle (ALB), Believes Shares Are Oversold
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Price: $142.91 -3.33%
Rating Summary:
17 Buy, 17 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 9 | Down: 9 | New: 15
Rating Summary:
17 Buy, 17 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 9 | Down: 9 | New: 15
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KeyBanc is reaffirming its Buy rating on shares of Albemarle (NYSE: ALB) while reducing its price target slightly from $82 to $78.
The firm believes that shares of ALB are well over sold as they have fallen roughly 29 percent since July 21, when they released solid second quarter earnings and raised its guidance. During that same time the SPX has only fallen by 10 percent.
In the near-term, the KeyBanc believes that secular drivers in the Bromine and Catalysts franchises may offset demand in the more cyclical Polymer Solutions business. The firm notes that this will help drive strong year-over-year earnings growth.
An analyst at KeyBanc comments, "We continue to view the Company as one of the most sustainable secular growth stories in the specialty chemical space. Additionally, the Company is one of the highest quality specialty chemical companies and has consistently generated solid growth with tenyear EPS CAGR of roughly 13 percent."
For more ratings news on Albemarle click here and for the rating history of Albemarle click here.
Shares of Albemarle closed at $49.94 yesterday.
The firm believes that shares of ALB are well over sold as they have fallen roughly 29 percent since July 21, when they released solid second quarter earnings and raised its guidance. During that same time the SPX has only fallen by 10 percent.
In the near-term, the KeyBanc believes that secular drivers in the Bromine and Catalysts franchises may offset demand in the more cyclical Polymer Solutions business. The firm notes that this will help drive strong year-over-year earnings growth.
An analyst at KeyBanc comments, "We continue to view the Company as one of the most sustainable secular growth stories in the specialty chemical space. Additionally, the Company is one of the highest quality specialty chemical companies and has consistently generated solid growth with tenyear EPS CAGR of roughly 13 percent."
For more ratings news on Albemarle click here and for the rating history of Albemarle click here.
Shares of Albemarle closed at $49.94 yesterday.
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