Celanese price target lowered to $45 from $63 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Celanese (CE) to $45 from $63 and keeps a Sector Perform rating on the shares after its Q2 results and soft guidance. Earnings outlook is still pointing to a material 24% decrease y/y in Q3 as inventory management at customers, weak Auto production, and tow destocking impact expectations and the company’s ability to realize volume-dependent M&M integration benefits, the analyst tells investors in a research note.