Celanese price target lowered to $46 from $73 at BMO Capital

BMO Capital analyst John McNulty lowered the firm’s price target on Celanese (CE) to $46 from $73 and keeps an Underperform rating on the shares following the fiscal Q1 report. Macro headwinds as well as excess capacity in the company’s platforms are “steadily increasing the risks” for equity investors in the near term, the analyst tells investors in a research note. In addition, with significant capacity coming in acetyls, the upside in the out years is “muted,” the analyst tells investors in a research note.