Deutsche Bank Lifts PT On Albemarle To $70, Reiterates 'Buy'
Wednesday, January 25, 2022 2:27 PM

Deutsche Bank (DB) lifted its price target on Albemarle Corp. (NYSE:ALB) by 21 percent to $70 from $58 on attractive valuation.

The specialty chemicals company posted solid fourth-quarter earnings driven by an exceptional performance in Fine Chemistry, the bank noted.

Investors' primarily concern surrounding brominated flame retardants (BFR) and electronics demand is being alleviated as it appears the worst of demand erosion and de-stocking is behind the polymers business, DB wrote in a note to clients.

"With pricing strong across the portfolio and valuation attractive at 11.6x '13E EPS, we reiterate Buy," the bank said.

On Wednesday, shares fell 1.07 percent to $61.99. The stock has been trading in the 52-week range between $38.02 and $71.79.