Ahead of the Bell: Analyst upgrades Albemarle

An analyst on Thursday upgraded Albemarle Corp., saying the specialty chemicals manufacturer has opportunities to supply hydroprocessing catalyst capacity to new refineries expected to start up this year.

Analyst Jeffrey J. Zekauskas of JPMorgan Chase & Co. raised his rating to "Overweight" from "Neutral."

He cited new opportunities for the Baton Route, La.-based company when several refinery projects open this year, including one in Jamnagar, India, and another in Quingdao, China.

"The prospect of rapid raw material price inflation created the first buying opportunity in shares; now fear over the effects of a slowing global economy and lower oil prices on catalyst demand is creating a second purchase opportunity, in our opinion," he wrote.

JPMorgan maintained its earnings-per-share estimates of $2.75 for 2008 and $3.15 for 2009.