Barclays analyst Michael Leithead raised the firm’s price target on Celanese to $150 from $133 and keeps an Overweight rating on the shares. The analyst think s Celanese offers a "rare opportunity" in the U.S. Chemicals space given its "top-tier assets, high-quality management, yet a depressed share price stemming from a high-price acquisition at the peak of the cycle." While there’s no "magic bullet" likely in the next six months, operational leverage to a recovering China and auto markets, strong execution and deleveraging into 2024 make the company "a compelling multi-year story." He raised the price target and sees a potential pathway to $200 per share.
Published first on TheFly
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