Albemarle Corp
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Materials : Chemicals | Mid Cap Growth
Company profile

Albemarle Corporation is a developer, manufacturer and marketer of specialty chemicals, which serves its customers across a diverse range of end markets, including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals and crop protection. It operates through three segments. Lithium segment develops and manufactures a range of basic lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. Bromine segment’s business includes products used in fire safety solutions and other specialty chemicals applications. Its fire safety technology enables the use of plastics by enhancing the flame-resistant properties of these materials. Catalysts segment offers three product lines, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.


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-0.43 (-0.19%)
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First Republic reiterated with overweight rating at JPMorgan Chase

8:56 am ET March 17, 2023 (MarketWatch)

First Republic Bank (FRC) dropped 18.6% in premarket trades despite an unprecedented move by 11 banks to deposit $30 billion with the bank, which has been hit with withdrawals in the wake of the demise of Silicon Valley Bank last week. JPMorgan Chase analyst Steven Alexopoulos reiterated an outperform on First Republic and said the stock is a top pick for the firm. JPMorgan Chase cut its price target on the stock to $62 a share from $150. "We've covered the bank sector for over two decades and we have never seen the industry come together before to help secure a peer in need," Alexopoulos said. "With a backstop now being provided, the top questions from investors will now be (1) is $30 billion of incrementaldeposits enough and (2) what is the earnings power of the company in the aftermathof this industry-wide crisis?" He said the stock is currently trading well below total book value and well below "burn-down" total book value for unrealized losses on its hold-to-maturity assets. JPMorgan sees First Republic "as a higher risk but potentially very high reward name," he said.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 17, 2023 08:56 ET (12:56 GMT)

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