In a report released today, Hassan Ahmed from Alembic Global maintained a Hold rating on Celanese (CE), with a price target of $85.00. The company’s shares closed last Friday at $79.31.
According to TipRanks.com, Ahmed has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -14.4% and a 28.7% success rate. Ahmed covers the Industrial Goods sector, focusing on stocks such as Westlake Chemical, Venator Materials, and LyondellBasell.
Currently, the analyst consensus on Celanese is a Moderate Buy with an average price target of $90.35, representing an 11.1% upside. In a report issued on April 29, Wells Fargo also downgraded the stock to Hold with a $90.00 price target.
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Based on Celanese’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.46 billion and net profit of $218 million. In comparison, last year the company earned revenue of $1.69 billion and had a net profit of $337 million.
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Celanese Corp. engages in the provision of technology and specialty materials businesses. It operates through the following segments: Engineered Materials, Acetate Tow, Acetyl Chain and Other Activities .The Engineered Materials segment includes the engineered materials business, food ingredients business and certain strategic affiliates. The Acetate Tow segment serves consumer-driven applications and is a global producer and supplier of acetate tow and acetate flake, primarily used in filter products applications. The Acetyl Chain segment includes the integrated chain of intermediate chemistry, emulsion polymers and ethylene vinyl acetate (EVA) polymers businesses, based on similar products, production processes, classes of customers and selling and distribution practices as well as economic similarities over a normal business cycle and The Other Activities segment primarily consists of corporate center costs, including administrative activities such as finance, information technology and human resource functions, interest income and expense associated with financing activities. The company was founded by Camille Dreyfus and Henri Dreyfus in 1956 and is headquartered in Irving, TX.
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