KeyBanc raised the firm’s price target on Celanese to $190 from $176 and keeps an Overweight rating on the shares. The firm remains constructive on the sector given potential for cyclical upside and favorable energy markets, but believes a more selective approach near-term is prudent following the recent rally. The upcoming earnings season is unlikely to be the positive catalyst the bulls are looking for, but KeyBanc remains optimistic on the second half of 2024 and 2025. While the firm likes Celanese long term, and Q2 guidance is likely to beat consensus, it thinks the recent rally leaves valuation stretched near-term.
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