Wells Fargo Starts Celanese (CE) at Outperform; Advantaged Technologies + Above GDP Growth + Asian Exposure

Wells Fargo initiates coverage on Celanese (NYSE: CE) with an Outperform. PT $65.00.

Wells analyst says, "Between advantaged technology, a strong Asian presence, leading market shares, and option on industrial ethanol, we believe further earnings growth awaits. Although the shares have climbed 20% YTD versus a relatively flat S&P 500, valuation remains compelling at 5.9x EV-to-2012 EBITDA, in our view. Our valuation range is based on 7.5x our 2012 estimates, modestly below the historical average. We introduce our 2011E EPS at $4.70 and 2012 at $5.25."

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

Shares of Celanese closed at $49.20 yesterday.

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