Deutsche Bank Upgrades Albemarle To Buy As Shares Oversold; Keeps $67 PT
In a research report published Monday, Deutsche Bank analyst David Begleiter assigned a Buy rating on Albemarle (NYSE:ALB) with a price target of $67.
Begleiter observed, “We are upgrading Albemarle to Buy from Hold with a price target of $67 (unchanged), upside of 14% from Friday’s close. Albemarle shares are down 19% since it agreed to acquire Rockwood for $6B on July 15. In comparison, the S&P is flat since then while the DB US Chemical Index is down 9%. We believe Albemarle’s share price underperformance is due to lowered 2H guidance and the disclosure of $350MM of additional acquisition costs (for the repatriation of overseas cash) not disclosed at the time of the acquisition. We believe the November 14 shareholder votes on the acquisition could be a catalyst with Albemarle shares likely to benefit from either (yes/no) outcome. “
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Begleiter has a total average return of 8.0% and a 67.9% success rate. Begleiter has an average return when recommending ALB, and is ranked #496 out of 3315 analysts.