Celanese (CE) PT Raised to $146 at Stifel

Stifel analyst Vincent Anderson raised the price target on Celanese (NYSE: CE) to $146.00 (from $138.00) while maintaining a Hold rating.

The analyst comments "We are updating estimates in line with guidance, which assumes more back-half recovery than previously estimated based on a softer 2Q24 guide. The company reports continued progress on restructuring the EM segment, though margin lift has been slower to materialize and weaker than expected seasonal order patterns in AC weigh on 2Q24. Cost and mix initiatives underpin our relative confidence in 2H24 improvement, supported by the company's unchanged full year guidance, though we see limits to valuation upside from here outside of free cash flow yield, which we believe requires, in part, further balance sheet deleveraging to fully unlock FCF yield value upside. We de-risk our multiple to 9.5x for $146 target price, a modest discount to industry midcycle median for leverage levels and need for the company to rebuild confidence in the EM segment."

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