Gilford Securities Downgrades Celanese to Sell From Hold (CE)

Gilford Securities is out with a research report this afternoon, where it downgrades shares of Celanese CE to Sell, from Hold. The GS analysts cited the stock's huge 70% gain over the past nine months for the downgrade, noting that shares are up strongly, but not on upward earnings revision, just upward revaluation. The analysts remarked, “An unfolding 2011 story may be a slowdown in China. Demand there is not showing the expected recovery after the end of their new year two months ago. The effects have been upstaged lately by events in Japan and Libya, but China is for us key.”