UBS reiterated a Neutral rating on Celanese Corp. (NYSE: CE), and raised the price target to $70.00 (from $64.00), following the company's 1Q earnings report.

Analyst John Roberts commented, "Conf. call at 10am (866-235-9919). Reflecting the 1Q beat, CE raised its 2016 EPS guidance to 8-10% growth (implying $6.50-$6.62) from prior 5-10% growth ($6.32 to $6.62). No change to high end of guidance which implies no change to forward estimates. While the 1Q beat was substantial and broad based, management remains concerned about sluggish global economy growth and deflationary raw material trends. Self-help initiatives (~$500M of share buyback to be completed in 2016; productivity, etc.) will drive EPS growth. Reflecting the beat, we are raising our 2016E EPS to $6.65 (+$0.35) and our PT to $70 (+$6)."

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Shares of Celanese closed at $69.86 yesterday.