UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Celanese Corporation on Large Q1 Beat

In a report published Friday, Deutsche Bank analyst David Begleiter reiterated a Buy rating on Celanese Corporation

, and raised the price target from $55.00 to $60.00. In the report, Begleiter noted, “We believe Celanese large Q1 beat will mark a turning point for the shares. Investor sentiment towards Celanese has been negative for the past year owing to multiple earning shortfalls, downward guidance revisions and slow progress on the company's TCX ethanol technology. As a result Celanese trades at the absolute bottom of the range for diversified chemical companies. While one (very) large upside surprise will not change this negative bias overnight, we believe it will lead investors to focus once again on the company's enduring strengths: globally lowest cost position in acetyls, a high growth, high quality engineered plastics business and a stable, high margin acetate tow business. As this occurs, and if Celanese is able to deliver additional quarters of strong and predictable earnings, we believe Celanese P/E multiple could expand by 2-3 points by year-end, thus trading in-line with its diversified chemical peers. With valuation a compelling 9.1x ‘13E EPS, we reiterate our Buy rating and raise our price target $5 to $60, 42% upside.” Celanese Corporation closed on Thursday at $42.23.