UPDATE: Jefferies Raises PT on Celanese Corporation on Strong Q1 Results

In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Celanese Corporation

, and raised the price target from $56.00 to $60.00. In the report, Alexander noted, “The strong Q1 results in a difficult environment suggest that the productivity thesis for Celanese is gathering momentum 2-4 quarters earlier than we expected. Coupled with TCX starting to contribute to earnings in 2H13, this suggests Celanese could enter a period of outperformance even in the absence of a stronger cyclical recovery. We are raising 2013E $0.20 to $4.60 and 2014E $0.15 to $5.50.” Celanese Corporation closed on Friday at $47.10