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January 24, 2013
10:26 EDTALBAlbermarle falls after analysts slash ratings
Chemicals maker Albemarle (ALB) is retreating after multiple research firms downgraded the stock in notes to investors earlier today. JPMorgan downgraded the stock to Neutral from Overweight. The firm believes that the company's earnings per share are likely to decline in the first half of 2013, and it noted that the company's stocks has risen 19% since mid-September, beating the overall market by a wide margin. However, JPMorgan increased its price target on the shares to $67 from $62. Meanwhile, Citigroup analyst P.J. Juvekar downgraded Albemarle to Neutral from Buy. Albemarle's electronics business faces challenges due to weak LCD TV demand and a potential further shift away from PCs, Juvekar believes. Both TVs and PCs use Albemarle's flame retardants, but tablets don't use them, the analyst explained. Moreover, many of Albemarle's refinery customers will have shutdowns in the first half of 2013, and the company's share of profits from a joint venture in Japan is slated to drop to 60% from 70% this year, added Juvekar, who lowered his target on the stock to $71 from $74. Deutsche Bank and Macquarie also lowered their ratings on the stock this morning. Yesterday morning, Albermarle stated that it expected its performance in the first half of 2013 to be weaker than in either half of 2012. In mid-morning trading, Albemarle fell $1.52, or 2.35%, to $63.15.
News For ALB From The Last 14 Days
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February 8, 2016
17:07 EDTALBAlbemarle to increase prices of fluid catalytic cracking catalysts by 10%
Albemarle announced that it will increase prices of its fluid catalytic cracking catalysts by 10%, effective March 15, or as contracts allow.
February 1, 2016
18:43 EDTALBAlbemarle granted increase in lithium brine extraction rate in Chile
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12:58 EDTALBHuber acquires Martinswerk business from Albemarle
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