Deutsche Bank analyst David Begleiter upgrades $Celanese Corp (CE.US)$ to a buy rating, and adjusts the target price from $135 to $110.
According to TipRanks data, the analyst has a success rate of 56.1% and a total average return of 4.0% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Celanese Corp (CE.US)$'s main analysts recently are as follows:
The company's earnings report does not significantly change the perception of asset quality, but it necessitates a re-evaluation of the capital structure and shareholder confidence in management.
The revision in sentiment towards Celanese comes after the stock experienced a 26% drop subsequent to the Q3 earnings announcement. The recent performance did not come as a surprise considering that Celanese reported a miss in Q3 and projected Q4 figures beneath consensus. This is largely due to the swift deceleration in the Western Hemisphere's automotive and industrial sectors, particularly in Europe's automotive industry, compounded by subdued demand in the paints, coatings, and construction markets. These factors have been a common theme across the board in the chemical industry's earnings disclosures this season.
Following the Q3 report, the company has almost completely reduced its dividend and established a debt liquidity plan, according to an analyst.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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