Deutsche Bank upgraded Celanese (CE) to Buy from Hold with a price target of $110, down from $135. The firm cites valuatoin for the upgrade following the stock’s 26% decline post the Q3 earnings release. It was not a surprise Celanese missed Q3 and guided Q4 below consensus as the drivers of the shortfalls – a rapid slowdown in Western Hemisphere automotive and industrial markets, with the European auto sector particularly affected, and weak demand in paints, coatings and construction markets – have been noted by almost every chemical company this earnings season, the analyst tells investors in a research note.
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