UPDATE: Piper Jaffray Downgrades Celanese Corporation to Neutral on Valuation, Outlook

Piper Jaffray downgraded Celanese Corporation

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.