Wells Fargo upgraded Celanese (CE) to Overweight from Equal Weight with a price target of $66, up from $45. The firm sees potential for sequential earnings improvement on cost savings and reduced maintenance and notes its outlook assumes no demand improvement near term. The stock stock is down 70% from its high just over a year ago and is currently trading at 7.5-times mid-cycle EBITDA of $2.5B, the analyst tells investors in a research note.
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