Bank of America Report on Eastman Chemical CFO Comments

Bank of America has published a research report on Eastman Chemical Company EMN after meeting with company SVP and CFO Curt Espeland. In the report, Bank of America writes, "SVP and CFO Curt Espeland outlined management's case for achieving positive earnings growth in 2012 vs. our forecast of a decline of ~10%, to $4.20, in 2012. Among tailwinds in 2012, Eastman will have the benefit of recent and pending capacity expansions, the full-year benefit of the Sterling acquisition, and stability of earnings in Fibers. Volatile raw materials, macro and higher pension expense will be the key headwinds in 2012. Despite customer inventory management in 4Q being on the high end of typical seasonality, management likes “how 4Q is coming together”, which would be “one of the best quarters” in company's history." Bank of America maintains its Neutral rating and $52 price objective on Eastman Chemical, which is currently trading up $0.06 from yesterday's $38.92 closing price.