Celanese shares (THIS) fell 26% yesterday. At least one Wall Street analyst believes it’s time to get back on board.

Shares of the chemical supplier, which fell yesterday after a disappointing results reportwere recently up about 1% to near $92 as the broader markets rose. Analysts at Deutsche Bank upgraded the stock after its decline, arguing the move was “overblown.”

The bank raised its rating from “hold” to “buy,” lowering its price target from $135 to $110. Wall Street’s consensus target is around $138, according to Visible Alpha.

Analysts David Begleiter and David Huang wrote in a note to Deutsche Bank clients that Celanese’s problems were “painful, but transient.” They said it was not surprising that the company missed its estimates and gave weak forecasts, as all companies in the chemical industry have been facing weak demand.

Analysts noted that the company’s plan to slow production is a temporary setback and that its dividend cut “should have been done two years ago.” The company has sufficient cash flow and “significant operating leverage for a recovery,” they wrote, concluding that Celanese is “a high-quality company” and “a high-value, high-growth, high-margin engineered materials company.”

Celanese shares remain down about 40% year to date.