In a report released today, Hassan Ahmed from Alembic Global maintained a Buy rating on Celanese (CE – Research Report), with a price target of $165.00. The company’s shares closed last Friday at $110.56.
Ahmed covers the Basic Materials sector, focusing on stocks such as Olin, Trinseo, and Celanese. According to TipRanks, Ahmed has an average return of 6.5% and a 48.57% success rate on recommended stocks.
In addition to Alembic Global, Celanese also received a Buy from Deutsche Bank’s David Begleiter in a report issued on November 10. However, on the same day, Stifel Nicolaus maintained a Hold rating on Celanese (NYSE: CE).
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Based on Celanese’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.3 billion and a net profit of $191 million. In comparison, last year the company earned a revenue of $2.27 billion and had a net profit of $506 million
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Celanese Corp. engages in the provision of technology and specialty materials businesses. It operates through the following segments: Engineered Materials, Acetate Tow, Acetyl Chain and Other Activities .The Engineered Materials segment includes the engineered materials business, food ingredients business and certain strategic affiliates. The Acetate Tow segment serves consumer-driven applications and is a global producer and supplier of acetate tow and acetate flake, primarily used in filter products applications. The Acetyl Chain segment includes the integrated chain of intermediate chemistry, emulsion polymers and ethylene vinyl acetate (EVA) polymers businesses, based on similar products, production processes, classes of customers and selling and distribution practices as well as economic similarities over a normal business cycle and The Other Activities segment primarily consists of corporate center costs, including administrative activities such as finance, information technology and human resource functions, interest income and expense associated with financing activities. The company was founded by Camille Dreyfus and Henri Dreyfus in 1956 and is headquartered in Irving, TX.
Read More on CE:
- DuPont completes M&M divestiture to Celanese
- Celanese lifts force majeure on certain Western hemisphere Acetyl Chain products
- Celanese raises quarterly cash dividend to 70c from 68c per share
- Celanese price target lowered to $110 from $172 at Morgan Stanley
- Celanese price target lowered to $117 from $145 at BofA