UBS downgraded Celanese (CE) to Neutral from Buy with a price target of $97, down from $161. The company’s recent results and weaker market outlooks create more concerns about the ability for it to manage its debt load, the analyst tells investors in a research note. The firm says higher leverage and this heightened risk means that Celanese’s multiple “will stay compressed for the foreseeable future.” UBS “can’t rule out further stock downside if market concerns increase.”
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