UPDATE: Citigroup Raises PT to $73 on Eastman Chemical on Solid Execution
Citigroup reiterated its Buy rating on Eastman Chemical (NYSE: EMN) and raised its price target from $62 to $73.
Citigroup commented, "EMN management has delivered EPS above consensus over the last 16 of 19 quarters. 3Q12 operating earnings were ~$20mm above consensus estimates suggesting that EMN legacy businesses are performing well and that Solutia may be holding up better than feared. Management raised FY guidance to $5.20-$5.40 and believes FY13 adjusted EPS will be greater than $6.00 (vs. our $6.35)."
Eastman Chemical closed at $60.19 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.