NEW YORK (TheStreet) -- Shares of Celanese (CE) - Get Report  were gaining 9.17% to $69.41 on heavy trading volume late-afternoon Tuesday as the Irving, TX-based company posted 2016 third-quarter earnings that beat Wall Street's forecasts.

After yesterday's market close, Celanese reported adjusted earnings of $1.67 per share, surpassing analysts' expected $1.60 per share. 

Revenue came in at $1.32 billion, below Wall Street's estimated $1.38 billion.

The company said it sees 2016 adjusted earnings growth between $6.50 to $6.62 per share. Wall Street projects adjusted earnings of $6.53 per share.

Deutsche Bank subsequently raised its price target to $78 from $75 on shares of the technology and specialty materials company. The firm has a "buy" rating on the stock.

"The upside was driven by strong results in advanced engineered materials (AEM) as segment income rose 20% to $127 million...," Deutsche Bank said in an analyst note. 

The firm estimates that AEM will boost operating profits by 41% in 2016, helped by a solid price/cost discipline and strong product pipeline. 

More than 2.86 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.07 million shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates Celanese as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, growth in earnings per share and increase in net income. The team feels its strengths outweigh the fact that the company shows low profit margins.

You can view the full analysis from the report here: CE

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