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Albemarle added to Conviction Buy List at Goldman Sachs

Oct. 09, 2015 11:21 AM ETAlbemarle Corporation (ALB) StockALBBy: Carl Surran, SA News Editor
  • Albemarle (ALB +1.7%) is upgraded to Conviction Buy from Buy with a $63 price target at Goldman Sachs, reflecting increased confidence that ALB is "on the cusp of an unappreciated pricing cycle" in its bromine, lithium and refining solutions businesses.
  • Goldman says the diversity and high cash flow of ALB’s businesses - the firm models 7% free cash flow yield in 2016 and 11% in 2017 - will enable the company to reduce net debt even in the event of economic malaise.
  • The firm also believes the recent selloff provides an opportunistic entry point, as shares are lower by 20% in the past five months and its multiple has compressed to 11.7x 2016 EPS estimate vs. a historical average of ~14x.

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