Barclays Drops PT and Estimates on Celanese (CE); Realigning Numbers After Q2 Results
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Price: $48.33 +1.47%
Rating Summary:
11 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
11 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade CE Now!
Barclays maintains an 'Overweight' on Celanese (NYSE: CE) price target of $49.00 (from $60.00)
Analyst, Duffy Fischer, said, "Earnings were above consensus by 7 c/share on strong results from Consumer and Industrial Specialties. Soft demand in China, coupled with weakness in Europe, has led to a significantly oversupplied market in acetic acid, which is affecting pricing and margins. Ticona volumes are weaker on slowing auto production, especially in CE's geography of strength, Europe."
FY12 EPS estimate lowered from $4.35 to $3.94 and FY13 from $5.25 to $4.49.
Shares of CE opened higher, but quickly dipped into negative territory. Soon after, shares headed almost straight up and are now trading at $37.57, up $0.57 (+1.54%)
For an analyst ratings summary and ratings history on Celanese click here. For more ratings news on Celanese click here.
Shares of Celanese closed at $37.00 yesterday, with a 52 week range of $29.43-$57.29.
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Analyst, Duffy Fischer, said, "Earnings were above consensus by 7 c/share on strong results from Consumer and Industrial Specialties. Soft demand in China, coupled with weakness in Europe, has led to a significantly oversupplied market in acetic acid, which is affecting pricing and margins. Ticona volumes are weaker on slowing auto production, especially in CE's geography of strength, Europe."
FY12 EPS estimate lowered from $4.35 to $3.94 and FY13 from $5.25 to $4.49.
Shares of CE opened higher, but quickly dipped into negative territory. Soon after, shares headed almost straight up and are now trading at $37.57, up $0.57 (+1.54%)
For an analyst ratings summary and ratings history on Celanese click here. For more ratings news on Celanese click here.
Shares of Celanese closed at $37.00 yesterday, with a 52 week range of $29.43-$57.29.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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