Celanese (CE) PT Raised to $176 at RBC Capital

RBC Capital analyst Arun Viswanathan raised the price target on Celanese (NYSE: CE) to $176.00 (from $171.00) while maintaining a Outperform rating.

The analyst comments "Acetic acid prices were low in Q1 (persisting into April), but CE believes new downstream capacity should increase demand in 2Q. Additionally, CE reiterating its FY24 guide indicates its confidence in a stronger 2H. CE believes it can achieve its $11.50 EPS guide midpoint even if demand remains muted, mainly from flow-through of lower raws, synergies, and easier comps. We raise our PT to $176 (from $171) on unchanged 11.0x our $2.70B FY24E EBITDA (up from $2.615B), and maintain our Outperform given CE's strong FCF (~$1.3B in FY24E), potential > $2B debt paydown by 1Q25E, and CE maintaining its dividend (~$300M)."

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