Celanese (CE) PT Lowered to $59 at BofA Securities

BofA Securities analyst Steve Byrne lowered the price target on Celanese (NYSE: CE) to $59.00 (from $65.00) while maintaining a Buy rating.

The analyst comments "Like most other companies in our coverage, Celanese reported deteriorating demand and shortened orderbooks in June and July as well as limited (yet still present) seasonal tailwinds. Yet the stock was already down over 20% vs its recent peak in early July even before Tuesday’s 13% drop, and valuation appears undemanding. Meanwhile the company continues to deliver on cost reductions, Engineered Materials earnings appear to have bottomed and so have Asia acetyl margins, the FCF guidance was reiterated, while there is continued progress on delevering and defending the balance sheet with the extension of CE’s revolver and headways on divestments. As such we reiterate our Buy, with reduced PO of $59 (from $65) given lower earnings estimates."

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