Celanese price target raised to $105 from $100 at Piper Sandler

Piper Sandler raised the firm’s price target on Celanese to $105 from $100 and keeps an Underweight rating on the shares. The recent covenant relief granted to Celanese may not be enough to cover the company through 2024, the analyst tells investors in a research note. Piper’s model shows the company coming close to the new covenants in late 2023 and possibly again in the second half of 2024, when the allowed leverage ratio declines sharply.