UBS Raises Price Target on Albemarle (ALB) to $67 Following 1Q Report
UBS reiterated a Neutral rating on Albemarle (NYSE: ALB), and raised the price target to $67.00 (from $52.00), following the company's 1Q earnings report. ALB reported sales and EBITDA were $865M and $245M. FX and M&A reduced sales by $23M and $54M, respectively, and EBITDA by $56M and $8M, respectively.
Analyst John Roberts commented, "Conference call @ 9am (888-680-0892 code #61447742). EBITDA of $245M was $27M higher than UBSe as all segments reported better-than-expected results with the most upside in Lithium and Bromine. Rest of year EBITDA guidance of $675-705M is essentially in line with UBSe $700M. Reflecting the $0.30 EPS beat in 1Q, a lower tax rate (+$0.12), and lower D&A expense (+$0.08), we're increasing our 2016E EPS by $0.50 to $4.10 – in-line with new guidance of $3.90-$4.25."
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Shares of Albemarle closed at $67.86 yesterday.