New York, July 20 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Albemarle Corporation (NYSE: ALB). The 12-month target price is set to $70.
In a research note published on July 19, the analysts mention that estimated EPS of the company has been lowered from $4.902592 to $4.802873. Moreover, in order to drive EPS growth of 11 percent, for Catalysts in the year 2013, earnings year has been stepped- out.
Additionally, due to the latest declinations in an important electronic connector confidence indicator, shares of the Albemarle skidded by 3 percent after the release of its Q2 results in the midst of a muted outlook of 2H12 being anticipations for a recovery in electronics appearing to be quite improbable.
Therefore, as compared to that of the 1H, Polymers Solutions earnings of 2H are expected to be marginally flat to down. In addition to this, as volumes of HPC get ameliorated from a weak Q2 with a ‘step-out’ year in 2013 from a multitude of drivers, earnings of the Catalysts are just poised to rebound though 2H.
Furthermore, at 10.4x ‘13E EPS, valuation of the company appear to be attractive being all set to return to double-digit EPS growth in the year 2013 that would be driven by Catalysts and Fine Chemistry, the analysts add further.
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