UPDATE: Dahlman Rose Downgrades Celanese Corporation to Hold

In a report published Wednesday, Dahlman Rose & Co. downgraded its rating on Celanese Corporation

from Buy to Hold. Dahlman Rose noted, “CE reported adjusted EPS of $1.47/share that beat the $1.40/share consensus due mostly to better-than-expected affiliate earnings. The acetyl market remained challenged and the Singapore facility remains offline indefinitely. Despite this situation, CE can supply its own and customer needs on the reduced production. While margins may improve over the next quarter or two, we see the incremental improvement as slight and not enough to bring Singapore back into service.” Celanese Corporation closed on Tuesday at $39.10.