Celanese downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Celanese to Neutral from Overweight with a price target of $122, down from $135. The analyst cites valuation for the downgrade following the recent rally. Celanese’s outperformance is probably a function of its cyclicality and its financial leverage, the analyst tells investors in a research note. The firm says the shares “may tread water” against a positive economic backdrop and struggle should macro-economic views turn negative.