KeyBanc raised the firm’s price target on Celanese to $176 from $150 on a healthier multiple assumption, while keeping an Overweight rating on the shares. The firm believes Celanese has a clear path to strong earnings growth in 2024 driven by several factors, including the lapping of high-cost inventory; greater synergy recognition from the M&M acquisition; the Clear Lake acetic acid expansion; and lower interest expense following debt reduction. KeyBanc also sees additional tailwinds from volume recovery in EM and potentially higher acetyls pricing from logistics constraints in the Red Sea.
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