KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Celanese (CE) to $70 from $77 and keeps an Overweight rating on the shares. The firm acknowledges that it didn’t expect much from this quarter but now sees renewed upside skew in risk/reward. Celanese’s Q2 update comes as a disappointment amid demand drop in June that extended into July with low visibility, KeyBanc says. The firm sees signs that execution is bringing fruit on the cost side, but the environment remains tough for volumes and pricing.
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