Celanese price target raised to $145 from $128 at RBC Capital

RBC Capital analyst Arun Viswanathan raised the firm’s price target on Celanese to $145 from $128 and keeps an Outperform rating on the shares after its Q2 results and below-consensus guidance. Demand remains soft across segments, but destocking has waned as the company continues to navigate issues around inflation, volatile demand in China and autos, and European exposure fairly well, the analyst tells investors in a research note. RBC lowers its EPS estimates however, with FY23 reduced to $9.10 from $10.85 and FY24 to $12.45 from $14.00.