NEW YORK (TheStreet) -- Albemarle Corp.'s (ALB - Get Report)  price target was raised to $72 from $62 at Deutsche Bank on Friday morning. The firm also reiterated its "buy" rating.

The Baton Rouge, LA-based company is a developer, manufacturer and marketer of specialty chemicals across a range of end markets.

The higher price target comes after the firm met with Albemarle's CEO, which highlighted the company's "compelling growth story" in lithium, its growing free cash flow and its long-term goal of becoming a lithium and catalyst company.

"While near-term portfolio changes are unlikely in Bromine (best option is run for cash to fund lithium growth for the next 3-5 years), options for Surface Treatment increase in late 2017 as an onerous tax clawback (on a sale) falls away," Deutsche Bank wrote in an analyst note.

The first quarter is on track led by good growth in lithium and solid growth in surface treatment, including in China where auto and industrial demand is above expectations, the firm added.

Shares of Albemarle are lower by 0.3% to $63.74 at the start of trading on Friday.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

This is driven by a number of strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income.

The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: ALB