Deutsche Bank cuts Celanese target, says selloff overdone

Deutsche Bank analyst David Begleiter lowered the firm’s price target on Celanese (CE) to $70 from $85 and keeps a Buy rating on the shares. The firm views the post-earnings share selloff as overdone. The firm says that it Q1, it had expected conservative and “de-risked” guidance from new CEO Scott Richardson as this was his first earnings release since being named CEO in December. Celanese’s earnings and cash flow guidance were below expectations due to a number of one-off items, the analyst tells investors in a research note.