Goldman Sachs Upgrades Celanese (CE) to Buy, Sees 32% Upside

Goldman Sachs upgraded Celanese (NYSE: CE) from Neutral to Buy, with a $62 price target suggesting 32% upside.

The upgrade comes ahead of its May 10 investor day and following recent meetings with management, very strong 1Q11 results and forward outlook, and recent stock weakness.

The firm sees 2011/12/13 EPS of $4.56/$5.31/$6.17 versus prior $4.04/$4.7 /$5.50.

Goldman views May 10 analyst day as a catalyst and views the company "as one of the best beat and raise stories in our coverage universe and we are currently 7% / 9% above consensus' 2011/12 EPS estimates."

For more ratings news on Celanese click here and for the rating history of Celanese click here.

Shares of Celanese closed at $47.12 yesterday.

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