Celanese price target lowered to $144 from $147 at BofA

BofA lowered the firm’s price target on Celanese to $144 from $147 and keeps an Underperform rating on the shares. The firm is “taking a first stab at updating our estimates” after Celanese announced on Friday that it has declared Force Majeure in the Western hemisphere and that its Q2 acetic acid and vinyl acetate monomer production will be reduced by 15%-20%. The firm, which cut its full-year EBITDA and EPS estimates, believes that sales volumes could be somewhat impacted, but higher unit costs/lower margins will be the primary drag on profitability, the analyst tells investors.