UPDATE: Citi Raising Price Target on Albemarle

Citi Investment Research is out with a research report on Albemarle Corp (NYSE: ALB) and it is raising its price target to $56 from $54, and it has a Buy rating on shares.

In a note to clients, Citi Investment Research writes, "ALB posted a strong 3Q beat despite facing some destocking, with particularly solid results in Catalysts where profits increased $40mm sequentially on operating margins of 31%. After 14% lower volumes in Polymer Solutions (PS) in 3Q, management noted that the volume decline appears to have concluded. Lower mineral flame retardant volume in Europe was the biggest driver for lower PS volumes in 3Q, and management indicated that volumes have since improved."

Shares of ALB are up $2.10 to $53.06.