Information Provided By:
Fly News Breaks for February 4, 2020
Feb 4, 2020 | 07:43 EDT
SunTrust analyst James Sheehan lowered his price target on Celanese to $110 and kept his Hold rating after its Q4 earnings miss and a reduction in FY20 EPS guidance to about $11 from prior forecast of $11-$12. The analyst attributes weak performance to soft demand and turnaround costs, adding that even the updated forecast by the management is "stretch" requiring 50c per share earnings from productivity and 30c impact from new demand to offset the turnaround investment. Sheehan adds that Celanese' engineered plastics business is pressured by lower auto production and falling commodity nylon prices.
News For CE From the Last 2 Days
Sep 23, 2021 | 18:00 EDT
Celanese announced that it has lifted force majeure for the following products in the Western Hemisphere: Acetic Acid; Ethyl Acetate; Acetic Anhydride; Methyl Acetate; Dimethylamine and Trimethylamine; Methyl Isobutyl Carbinol and Methyl Isobutyl Ketone; and Paraformaldehyde. Celanese declared force majeure on February 18 due to the impacts of extreme winter weather on its operations and supply chain in the U.S. Gulf Coast.