KeyCorp Upgrades Celanese (NYSE:CE) to Overweight

KeyCorp analysts have recently made a positive move regarding Celanese Corporation (NYSE: CE). They upgraded the stock from a "sector weight" rating to an "overweight" rating in a report issued on Friday. The analysts set a price target of $76.00 for the stock, suggesting a significant upside potential of approximately 33.91% based on its previous closing price.

Market Reactions and Other Analysts’ Opinions

In addition to KeyCorp's upgrade, other research firms have shared their perspectives on Celanese. For instance, Robert W. Baird revised their price target down from $110.00 to $67.00 while maintaining an "outperform" rating. Similarly, Deutsche Bank Aktiengesellschaft adjusted their price objective from $85.00 to $70.00 and also affirmed a "buy" rating.

Jefferies Financial Group sliced their target price from $102.00 to $82.00, while Morgan Stanley lowered theirs from $100.00 to $80.00 and retained an "equal weight" rating. Alembic Global Advisors, however, upgraded their stance on Celanese, moving from a "neutral" to an "overweight" rating with a price target of $70.00. Overall, there are mixed ratings for Celanese, with three analysts rating it a sell, nine giving a hold rating, and five designating it a buy. Recent data from MarketBeat.com reflects an average rating of "Hold" for the stock, with a consensus price target of $66.18.

Current Stock Performance

As of last Friday, shares of Celanese opened at $56.75. The company has a market capitalization of $6.21 billion and a negative price-to-earnings (P/E) ratio of -4.07. Celanese's recent performance has shown volatility, with a 52-week low of $45.94 and a high of $172.16. Its 50-day simple moving average sits at $63.00, while the 200-day simple moving average is $87.30. The company also displays a debt-to-equity ratio of 1.98, a quick ratio of 0.76, and a current ratio of 1.34.

Recent Earnings Report

Celanese recently announced its quarterly earnings, revealing earnings per share (EPS) of $1.45 for the quarter, surpassing analysts' expectations of $1.25 by $0.20. While the company faced challenges, it reported a revenue of $2.37 billion that aligned closely with forecasts of $2.36 billion. Analysts are projecting an EPS of 8.79 for the ongoing fiscal year as research predictions continue.

Institutional Investors' Activity

Several large institutional investors have adjusted their stakes in Celanese. Dodge & Cox significantly increased their holdings by 100.3% during the fourth quarter, acquiring an additional 6,818,993 shares for a total of 13,618,062 shares currently valued at around $942.51 million. Wellington Management Group LLP also expanded their stake by 27.4%, now holding 9,460,353 shares worth approximately $1.29 billion. State Street Corp increased their investments by 3.1%, and Invesco Ltd. doubled their stake by 105% in the same period. Overall, institutional investors own a substantial 98.87% of Celanese's shares, signaling strong interest in the stock.

Company Overview

Celanese Corporation specializes in chemical and specialty materials, manufacturing high-performance engineered polymers both domestically and internationally. The firm operates through two segments: Engineered Materials and Acetyl Chain. The Engineered Materials division focuses on developing, producing, and supplying specialty polymers for various applications, including automotive, medical, industrial products, and consumer electronics.

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