Wells Fargo Downgrades Celanese (CE) to Market Perform, Trims Estimates

September 21, 2012 7:58 AM EDT
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Price: $82.56 --0%

Rating Summary:
    13 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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Wells Fargo downgraded Celanese (NYSE: CE) from Outperform to Market Perform with valuation range of $44-$46.

The firm comments, "We attended Technology Day in Houston, during which CE provided an update on TCX and other products in the pipeline. The day hit on such topics as drugs, alcohol and cigarettes (but no gun powder!), but was "numbers-lite," as advertised. Technology development was a key focus and included a tour of the new, highly touted ethanol TDU semi-works unit. While we are impressed with the technology and the favorable position it provides CE in the long term, we believe near-term challenges, driven in large part by unfavorable macros, could weigh on the stock and are leading us to trim our estimates by $0.05 for both
2012 and 2013 to $3.85 and $4.70."

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 $42.03 yesterday.

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