UPDATE: Goldman Sachs Upgrades Eastman Chemical to Buy

According to Goldman Sachs, Eastman Chemical EMN is upgraded to Buy. Goldman Sachs said that it upgrades EMN to Buy from Sell. “Our new price 12-month target of $63 (from $42) is based on a forward P/E multiple of 11X our updated 2013 EPS estimate of $5.69. Previously we were applying an EV/EBITDA multiple of 5.4X our 2012 estimate. We are moving to a P/E approach since we believe it is more comparable to peers.” Eastman Chemical closed yesterday at $52.20.