Celanese price target lowered to $163 from $167 at RBC Capital

RBC Capital lowered the firm’s price target on Celanese to $163 from $167 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for Commodity Chemicals names. Earnings expectations in the second half of 2024 have come down further due to ongoing Europe weakness and unplanned outages throughout the quarter, and while construction demand should improve on interest rate cuts, the benefits are not likely to occur until mid-2025, the analyst tells investors in a research note. For Celanese, challenging acetate to markets and emerging market volume sustainability are prime areas of concern, the firm added.