Celanese price target raised to $132 from $130 at BofA

BofA analyst Matthew DeYoe raised the firm’s price target on Celanese to $132 from $130 and keeps a Neutral rating on the shares. The firm sees several signs that petrochemical fundamentals are “near the bottom,” but notes that while the firm’s petrochemical sentiment index bottomed in July it has not yet flipped to a bullish outlook. In that context, the “challenge will be striking a balance between buying trough earnings and weathering poor” Q3 results, the analyst tells investors.