Gilford Securities Downgrades Eastman Chemical to Hold

Gilford Security has downgraded Eastman Chemical

from a Buy rating to a Hold rating in a research report out today, stating that the company has reached their projected target of $50-55 and that there are some concerns going into the future. In the report, Eastman Chemical writes, "We are not negative on Eastman shares. The stock is not overvalued, in our view, and the investment community seems remarkably receptive to the presentation of [Eastman's Solutia transaction]. We are only concerned that what enables a transaction like this is the $1.5 bn of NOL's, plus today's ‘loosey-goosey' environment." Shares of Eastman closed today at $52.44, up 4,21% from yesterday's market close.