KeyBanc raised the firm’s price target on Celanese to $190 from $176 and keeps an Overweight rating on the shares. The firm remains constructive on the sector given potential for cyclical upside and favorable energy markets, but believes a more selective approach near-term is prudent following the recent rally. The upcoming earnings season is unlikely to be the positive catalyst the bulls are looking for, but KeyBanc remains optimistic on the second half of 2024 and 2025. While the firm likes Celanese long term, and Q2 guidance is likely to beat consensus, it thinks the recent rally leaves valuation stretched near-term.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CE:
- DoorDash initiated, Block downgraded: Wall Street’s top analyst calls
- Celanese downgraded to Underweight from Neutral at JPMorgan
- Celanese downgraded to Equal Weight from Overweight at Barclays
- Celanese price target raised to $195 from $180 at Wells Fargo
- Celanese, Secarna Pharmaceuticals enter RNA research collaboration
