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.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CE:
- Celanese: Hold Rating Amid Macroeconomic Uncertainties and Debt Challenges with Potential Upside from Asset Sales
- Celanese upgraded to Market Perform from Underperform at BMO Capital
- Celanese price target raised to $61 from $55 at BofA
- Celanese Shareholders Approve Key Governance Amendments
- Celanese price target raised to $62 from $59 at Barclays
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue