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Celanese Upgrade ‘Reflects Progress’ As Debt Overhang Is Poised To Wane: Analyst

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Shares of Celanese Corporation (NYSE: CE) maintained a downtrend in early trading on Monday.

This is likely to be a “critical transition year” for the company, when the sizable overhang of the debt taken for the M&M transaction is reduced, according to Piper Sandler.

The Celanese Analyst: Charles Neivert upgraded the rating for Celanese from Neutral to Overweight, while raising the price target from $135 to $170.

The Celanese Thesis: “The upgrade reflects the progress on earnings and debt we see coming in 2024 and …

Full story available on Benzinga.com

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