Jefferies raises its rating on Celanese Corporation CE to Buy from Hold and increases its price target to $65 from $50 on ethanol and AO catalysts.
Jefferies comments, "With risks to 1H12 now well-telegraphed, in our view, and macro datapoints more favorable than we expected, Celanese shares offer a lower-risk way to add cyclical exposure because anticipation of the TCX and AO+ opportunities should increasingly buoy them into 2H12-2013, without detracting from operating leverage nor franchise value (China & acetyls)."
CE closed at $50.77 a share yesterday.
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