Celanese price target lowered to $59 from $65 at BofA

BofA lowered the firm’s price target on Celanese (CE) to $59 from $65 and keeps a Buy rating on the shares. Celanese reported deteriorating demand and shortened orderbooks in June and July as well as limited seasonal tailwinds, but the valuation “appears undemanding” given that the stock was already down over 20% since early July even before Tuesday’s 13% drop, the analyst tells investors. The company continues to deliver on cost reductions, while there is continued progress on delevering the balance sheet with the extension of the revolver and headways on divestments, the analyst added.