RBC Capital Upgrades Celanese (CE) to Outperform

RBC Capital analyst Arun Viswanathan upgraded Celanese (NYSE: CE) from Sector Perform to Outperform with a price target of $125.00 (from $98.00).

The analyst comments "We are upgrading CE to Outperform from Sector Perform given better than expected M&M integration, double-digit growth anticipated in EM, a Q1/23 trough in AC EBIT, and solid deleveraging. We are raising our 2023/24 EBITDA estimates to $3.2B/3.5B, up from $3.0B/$3.3B previously, resulting in a new PT of $125 (based on an unchanged 8x target multiple on 2023 EBITDA and 3.75x 2023-ending net leverage) up from $98."

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 $102.27 yesterday.

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