UPDATE - UBS Downgraded Celanese (CE) to Neutral; Higher Target, But Lower Rating
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Price: $154.26 -0.75%
Rating Summary:
11 Buy, 14 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
11 Buy, 14 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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UPDATE - UBS downgraded Celanese (NYSE: CE) from Buy to Neutral. PT raised $3 to $48.
UBS analyst says, "With CE achieving our target price, we are downgrading Celanese while we await clarity on the company’s ethanol initiative. The company has discussed this initiative with investors, but has yet to disclose enough information to facilitate an informed assessment of its value proposition. At this time, we are not including any credit for ethanol in our valuation."
"Our 2011 EPS estimate for Celanese is $4.15, up 8% from our prior estimate given the improving acetic acid pricing environment. This is ahead of the Street’s $3.85 and the company’s guidance of at least $3.97 ($0.60/s greater than 2010A). Our estimate for EBITDA is $1,325M, ahead of the company’s guidance of $1,275M."
To see all upgrades/downgrades on shares of CE, visit our Analyst Ratings page.
UBS analyst says, "With CE achieving our target price, we are downgrading Celanese while we await clarity on the company’s ethanol initiative. The company has discussed this initiative with investors, but has yet to disclose enough information to facilitate an informed assessment of its value proposition. At this time, we are not including any credit for ethanol in our valuation."
"Our 2011 EPS estimate for Celanese is $4.15, up 8% from our prior estimate given the improving acetic acid pricing environment. This is ahead of the Street’s $3.85 and the company’s guidance of at least $3.97 ($0.60/s greater than 2010A). Our estimate for EBITDA is $1,325M, ahead of the company’s guidance of $1,275M."
To see all upgrades/downgrades on shares of CE, visit our Analyst Ratings page.
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