JPMorgan analyst Jeffrey Zekauskas downgraded Celanese to Neutral from Overweight with a price target of $122, down from $135. The analyst cites valuation for the downgrade following the recent rally. Celanese’s outperformance is probably a function of its cyclicality and its financial leverage, the analyst tells investors in a research note. The firm says the shares “may tread water” against a positive economic backdrop and struggle should macro-economic views turn negative.
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