Deutsche Bank downgraded Celanese to Hold from Buy with a price target of $125, up from $120. The analyst expects Celanese to lower its 2024 earnings outlook when it reports Q2 earnings on August 8. While an earnings cut is widely expected as no less than 15 U.S. and European chemical and agricultural companies have already preannounced June quarter earnings shortfalls or lowered full outlooks over the last six weeks, Celanese shares have done better than peers, rising 17% year-to-date, the analyst tells investors in a research note.
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