Baird Equity Research analyst Ben Kallo reiterates Outperform rating and $118 price target on Albemarle Corp. (NYSE: ALB) noting Lithium sales continued to show strong growth, as the company reported 2016 4Q revenue, adjusted EBITDA, EPS above consensus, while offering guidance that topped midpoint expectations.

Kallo comments, "Reiterate Outperform rating after results beat and guidance exceeded estimates. ALB continues to see strong Lithium demand and pricing, expects Refining Solutions to return to earnings growth in 2017 driven by stronger HPC demand, and bolstered its balance sheet with the sale of Surface Treatment. Additionally, although Bromine is expected to be flat y/y, the segment should generate strong FCF for Lithium investment. We expect shares to trade higher as ALB continues to separate itself from specialty chemical comps with leading market positions and strong revenue growth. "

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Shares of Albemarle closed at $92.46 yesterday.