Jefferies Upgrades Celanese (CE) to Buy

Jefferies upgraded Celanese (NYSE: CE) from Hold to Buy with a price target of $65 (up from $50).

The firm comments, "With risks to 1H12 now well-telegraphed, in our view, and macro datapoints more favorable than we expected, Celanese shares offer a lower-risk way to add cyclical exposure because anticipation of the TCX and AO+ opportunities should increasingly buoy them into 2H12-2013, without detracting from operating leverage nor franchise value (China & acetyls). We are raising our rating to Buy from Hold and our price target $15 to $65."

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 $50.77 yesterday, with a 52 week range of $29.43-$58.68.

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