Citigroup Upgrades Celanese Corp To Buy

Celanese Corporation CE reports adding assets in China while shutting down assets in the western world with elevated costs, Citigroup reports. 40% of Celanese's EBITDA comes from Asia, and the company also had a growing presence in the Middle East with its new specialty plastics plant planned to start in Saudi Arabia this year, Citigroup reports. Citigroup has raised its price target to $35 (from $33) and also has raised 2011 EPS estimates to $3.75 and EBITDA to $1.25B. Citigroup has also upgraded Celanese Corporation to Buy, and the company closed yesterday at $28.57.