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CE

Celanese

$122.05

0.39 (0.32%)

08:03
09/30/19
09/30
08:03
09/30/19
08:03

Celanese updates status of Clear Lake operations

Celanese is progressing in restarting on-site production units after experiencing an emergency incident on Saturday, September 21, at its Clear Lake facility in Pasadena, Texas. The Fairway Methanol unit has restarted and is approaching full operating rates. The acetic acid and vinyl acetate monomer production units are planned for restart at reduced rates during October, with full operating rates expected for all production units at Clear Lake within the fourth quarter of 2019. Shipping operations at Clear Lake and associated terminals continue to operate without interruption. Celanese is assessing the potential impact of the incident on available product volumes. As part of its ongoing commitment to provide reliable supply, Celanese is utilizing its global network capabilities to provide product to its contract customers and will keep its customers updated on any developments. The company will provide further updates on the status of its Clear Lake operations as well as financial impact to 2019 when it reports third quarter results.

CE Celanese
$122.05

0.39 (0.32%)

07/24/19
JPMS
07/24/19
UPGRADE
Target $120
JPMS
Overweight
JPMorgan upgrades Celanese to Overweight on 'surprisingly durable' results
JPMorgan analyst Jeffrey Zekauskas upgraded Celanese to Overweight from Neutral and raised his price target for the shares to $120 from $102. The company's operating performance has proven to be "surprisingly durable," Zekauskas tells investors in a research note. The analyst believes Celanese is a good free cash flow generator and thinks its free cash flow yield is likely to be about 7% of its share price for 2019 and 2020. The company is also exploring various structural routes to create shareholder value, adds Zekauskas.
07/24/19
07/24/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cott Corp. (COT) upgraded to Buy from Neutral at Goldman Sachs with analyst Judy Hong saying the stock has underperformed relative to its peers with no significant catalysts, and the weakness more than accounts for the potential FX headwinds. 2. Celanese (CE) upgraded to Overweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying the company's operating performance has proven to be "surprisingly durable." 3. Medical Properties Trust (MPW) upgraded to Buy from Hold at Stifel with analyst Chad Vanacore saying the company has a "long runway for above-average growth" given a "strong" pipeline of acquisition targets, a diversifying asset base, and the "attractive" macro environment. 4. United Continental (UAL) upgraded to In-Line from Underperform at Imperial Capital with analyst Michael Derchin saying current valuations fairly reflect the company's recent strong performance and future outlook. 5. Snap (SNAP) upgraded to Buy from Hold at Summit Insights and to Neutral from Sell at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/04/19
MSCO
09/04/19
NO CHANGE
Target $85
MSCO
Overweight
Morgan Stanley says new round of chemical industry consolidation may be coming
Morgan Stanley analyst Vincent Andrews notes that DuPont (DD) can pursue further tax-free strategic options as of September 1, which was the two-year anniversary of the DowDuPont merger, and he also notes that DuPont and Celanese (CE) executives have made public comments about strategic alternatives being a clear priority. Andrews, who thinks "converging forces" may create the environment for a new round of chemical industry consolidation and other dealmaking, believes Celanese, DuPont and DSM (RDSMY) could "be the nexus of any activity" given their size, resources and management commentary. Citing his view that the market will increasingly price in potential M&A, Andrews increased his price target on DuPont shares to $85 from $78, raised his Celanese target to $124 from $102 and upped his DSM target to EUR104 from EUR90. He recommends DuPont as the best way to play the chemical consolidation theme and keeps an Overweight rating on the shares, while keeping Equal Weight ratings on the other two stocks named above.
09/26/19
BOFA
09/26/19
INITIATION
Target $110
BOFA
Underperform
Celanese initiated with an Underperform at BofA/Merrill
BofA/Merrill analyst Matthew DeYoe initiated Celanese with an Underperform and $110 price target telling the current valuation is "extended." He believes management's outlook gives little room for error and thinks investors are underestimating the risks back to profitability given the macro backdrop that could decelerate further.

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