Nomura Securities Raises Price Target on Celanese Corp. (CE) Following 3Q EPS Beat
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Nomura Securities reiterated a Neutral rating on Celanese Corp. (NYSE: CE), and raised the price target to $77.00 (from $70.00), following the company's 3Q earnings report. CE reported EPS of $1.67, ahead of the consensus estimate of $1.61. Nomura sees CE's share price risks skewed to the upside in the near term, especially in the context of an attractive 8.6% 2016/17 FCF yield and a clean balance sheet.
Analyst Aleksey Yefremov commented, "CE posted 3Q EPS of $1.67, handily beating our $1.56 estimate and Consensus of $1.61. The biggest takeaway from 3Q for us was that Advanced Engineered Materials (AEM) is escaping the cyclical trajectory in autos, and is accelerating growth based on an improved product development model. Advanced Engineered Materials (AEM) drove most of the beat, with volumes up 16% y-y. Management expects a similar pace of volume growth in 2017 as in 2016 (we estimate ~9%). Outperformance in Acetyls came despite weak acetyls/VAM industry margins in China and higher ethylene costs, as the company’s Singapore plant gained competitiveness vs. China plants."
Shares of Celanese closed at $69.37 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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