UPDATE: Gilford Securities Downgrades Eastman Chemical to Hold
In a report published Monday, Gilford Securities downgraded its rating on Eastman Chemical (NYSE: EMN) from Buy to Hold.
Gilford Securities noted, “At legacy Eastman, the propylene/propane spread was quite favorable in 1H12, and ex-Fibers the company generally shows a seasonal year-end downturn, frequently steeper than expected. Specialty Plastics is dealing with a durable goods downturn and a rebounding cost of paraxylene to $1500-$1600/mt, pressuring copolyesters.”
Eastman Chemical closed on Friday at $58.32.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.