UPDATE: Piper Jaffray Downgrades Celanese Corporation to Neutral on Valuation, Outlook
Piper Jaffray downgraded Celanese Corporation (NYSE: CE) from Overweight to Neutral and maintained a $47.00 price target.
Piper Jaffray noted, "We are downgrading shares of CE to Neutral (from Overweight) as we believe that potential FY13 upside is largely baked into estimates (with consensus at +17% y/ y EPS growth) & valuation is fair (multiple already reflecting emerging mid-cycle performance). In addition, having no established market channels for industrial ethanol despite being 4-5 months from startup could pressure the profitability of ethanol production, and AEM will likely face increasingly difficult headwinds as sentiment sours on EU auto builds."
Celanese Corporation closed at $46.64 on Friday.
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