UPDATE: Bank Of America Reiterates On Celanese As Acetyls Drive Upside For Now
In a report published Monday, Bank of America analyst Kevin W. McCarthy reiterated a Neutral rating on Celanese (NYSE: CE), and raised the price target from $63.00 to $69.00.
In the report, Bank of America noted, “Celanese again posted impressive growth in Acetyl Intermediates (AI). Management commentary suggests that strength here should persist through 3Q if not 4Q. We are also encouraged by 10% volume growth in AEM, and recent methanol market price declines which should serve to mitigate risk related to expiration of Celanese's favorable methanol procurement contract in mid-2015.”
Celanese closed on Friday at $62.63.
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