BofA downgraded Celanese to Underperform from Neutral with a price target of $135, up from $124. The stock’s 56% rally in 2023 overly discounts expectations for a 2024-2025 recovery, the analyst tells investors in a research note. The firm views the shares as overvalued, saying the acetyls environment remains challenging with significant capacity growth in both acetic acid and vinyl acetate monomer in 2024.
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