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Fly News Breaks for February 3, 2020
Feb 3, 2020 | 06:25 EDT
BofA analyst Matthew DeYoe upgraded Celanese to Neutral from Underperform with a $110 price target. The analyst notes that while the Q4 earnings miss was not surprising amid slowing of demand, the company's outlook for 2020 implying a "sustained rebound" in acetic margins was not expected. DeYoe adds that the productivity gains anticipated by Celanese management were "impressive", even though in a soft volume environment, cost initiatives often fail to accrue as the management intends. The analyst further notes that the company's valuation now reflects its challenging operating backdrop.
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