Jeffereis Raises Price Target on Celanese (CE)

Jefferies today reiterated a Buy on chemical company Celanese (NYSE: CE) and raised its price target to $54.00 (from $50.00)

"We believe the next move in Celanese shares hinges on either clear delineation of structural improvement initiatives, AEM decoupling from weaker end markets, material progress on TCX , a methanol partnership/buyback deal, or a cyclical recovery in China," said analyst Laurence Alexander.

Despite his bullish view, unless the company announces a significant restructuring initiative, Alexander warned Celanese could stay range-bound in the first half of 2013.

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 $46.75 yesterday.

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