The higher price target comes after the Baton Rouge, LA-based specialty chemical company reported better-than-expected results for the 2016 first quarter yesterday.
The company posted adjusted earnings of $1.12 per diluted share, surpassing analysts' estimates of 85 cents per share. Revenue was $865.4 million, beating expectations of $815 million.
"ALB handily topped expectations in 1Q, beating consensus EBITDA estimates by 15%. Almost all of ALB's core businesses did well, not just Lithium," Nomura wrote in an analyst note.
"Although some of the 1Q gains will not recur in 2016, we believe further steady performance will allow investors to focus on the secular growth opportunity within Lithium and drive a continued re-rating in shares," the firm added.
Shares of Albemarle are advancing by 1.14% to $75.49 in pre-market trading on Thursday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins.
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