UPDATE: Oppenheimer Downgrades Albemarle to Underperform

Oppenheimer is out with its report today on Albemarle ALB, downgrading ALB to Underperform from Perform. In its report, Oppenheimer writes, "We are downgrading ALB to Underperform from Perform, with potential downside to the $35-$40/range, or roughly where the stock traded last year. Our rationale mirrors our last downgrade in 2008 i.e., that the company's cyclical tetrabrom and derivative products are vulnerable to margin pressure from consumer electronics destocking, while refining catalysts are sensitive to negative miles driven and slack crude prices." At the time of posting, shares of ALB were trading pre-market at $58.00, down 2.44% from Monday's close.