Celanese double upgraded to Buy at BofA on valuation, signs of trough

As previously reported, BofA upgraded Celanese (CE) to Buy from Underperform with a price target of $88, down from $95. The firm cites signs that the acetyls market is bottoming and an expected demand recovery in the years ahead for most of Celanese’s products. The firm also cites an “attractive valuation” and the potential for corrective actions that will restore investors’ confidence, including potentially through shareholder pressure.