In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Celanese Corporation CE, and raised the price target from $56.00 to $60.00.
In the report, Alexander noted, “The strong Q1 results in a difficult environment suggest that the productivity thesis for Celanese is gathering momentum 2-4 quarters earlier than we expected. Coupled with TCX starting to contribute to earnings in 2H13, this suggests Celanese could enter a period of outperformance even in the absence of a stronger cyclical recovery. We are raising 2013E $0.20 to $4.60 and 2014E $0.15 to $5.50.”
Celanese Corporation closed on Friday at $47.10
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