Celanese price target lowered to $110 from $150 at Baird

Baird lowered the firm’s price target on Celanese (CE) to $110 from $150 and keeps an Outperform rating on the shares. The firm said while the changed operating environment led to a proactive dividend cut, they are equally mindful of the strong internal execution track record at Celanese in the context of directionally positive pro-growth events (= such as China stimulus/global interest rate cuts that could underpin a faster earnings recovery relative to rebased expectations.