Celanese Corp
No SEC Form 4 filings for $CE in the last 30 days.
Canadian stocks rose Monday as optimism about a potential U.S.-Iran peace deal increased. The S&P/TSX Composite ended at 34,830.89, up 359.53 points (1.04%), after an intraday record 34,846.50. Ten of 11 sectors gained, led by Materials (+4.35%). Hudbay Minerals (+8.94%) and First Quantum (+8.36%) led. Energy was the only decliner (-3.38%).
The market for cellulose acetate (CA) tow, used in cigarette filters, has tightened significantly due to various factors. Celanese Corp. declared force majeure in May 2022, and other manufacturers like Cerdia announced price hikes. Increased raw material costs, supply chain disruptions exacerbated by the Covid-19 pandemic and the Russia-Ukraine conflict, and rising demand from heated-tobacco products (HTPs) are contributing to the supply scarcity and higher prices.
Citigroup has increased its price target for Celanese (NYSE:CE) from $75.00 to $81.00, maintaining a "buy" rating and suggesting a potential upside of 34.71%. This comes despite Celanese missing its recent quarterly earnings and revenue estimates. While analyst coverage remains mixed, other firms have also adjusted their price targets and ratings, with some recent upgrades along with earlier downgrades in response to earnings and market conditions.
