Citi Reaffirms Their Buy Rating on Celanese (CE)
In a report released yesterday, Patrick Cunningham from Citi reiterated a Buy rating on Celanese, with a price target of $56.00. The company’s shares closed yesterday at $41.57.
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Cunningham covers the Basic Materials sector, focusing on stocks such as Linde, LyondellBasell, and Ecolab. According to TipRanks, Cunningham has an average return of -1.0% and a 44.44% success rate on recommended stocks.
Currently, the analyst consensus on Celanese is a Moderate Buy with an average price target of $54.60.
Based on Celanese’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.42 billion and a GAAP net loss of $1.36 billion. In comparison, last year the company earned a revenue of $2.65 billion and had a net profit of $116 million
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CE in relation to earlier this year. Earlier this month, Scott A Richardson, the CEO & President of CE bought 3,800.00 shares for a total of $158,004.00.
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