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UPDATE: Deutsche Bank Raises PT on Celanese Corporation on Large Q1 Beat

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In a report published Friday, Deutsche Bank analyst David Begleiter reiterated a Buy rating on Celanese Corporation (NYSE: CE), 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.”

Celanese Corporation closed on Thursday at $42.23.

Latest Ratings for CE

DateFirmActionFromTo
Nov 2020Morgan StanleyMaintainsEqual-Weight
Oct 2020BMO CapitalMaintainsMarket Perform
Oct 2020ScotiaBankDowngradesSector OutperformSector Perform

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