Company News

BUZZ-Albemarle shares up on Baird upgrade to "outperform"

** Shares of specialty chemical maker Albemarle Corp were up over 5 pct after Baird upgrade to “outperform”

** Broker raises PT to $152 from $135; Citigroup also ups PT, to $148 from $142

** Baird lead analyst Ben Kallo believes lithium market will stay tight for next several years as demand/pricing remains strong

** Sees ALB as potential consolidator, co’s balance sheet positions it for acquisitions, Kallo writes

** On Nov 8, ALB reported Q3 adj EPS of $1.08, beating consensus estimates by a penny (TR I/B/E/S); co has beaten the Street in all 8 of its most recent qtrs

** Of 21 analysts covering ALB, 9 rate co “buy” or stronger, remaining 12 recommend “hold”; median PT $150

** Thomson Reuters StarMine awards Kallo 4 of 5 possible stars for past ALB analysis

** Over the last 12 mths, ALB has gained >52 pct, nearly double the ~27 pct advance seen by the S&P 500 Chemicals index (Stephen Culp)