Celanese price target lowered to $148 from $167 at Citi

Citi analyst Patrick Cunningham lowered the firm’s price target on Celanese to $148 from $167 and keeps a Neutral rating on the shares. The analyst revised estimates in the chemicals space to reflect the impacts of supply outages and modest changes to the primary demand outlook. The firm’s second half of 2024 earnings estimates dropped 7% on average, reflective of weaker primary demand outlook for construction and auto production. While the group should see continued positive year-over-year volumes facing an easier comp, an uncertain macro gives Citi some concern on the exit rate into 2025, the analyst tells investors in a research note.