UPDATE: Gilford Securities Upgrades Eastman Chemical to Buy on Growth Outlook
Gilford Securities raised its rating on Eastman Chemical (NYSE: EMN) from Hold to Buy with a $75 price target.
Gilford Securities commented, "In the near term, we use a 2013 estimated P/E of 12x to get a target price of $75. Longer term, we see more upside. Eastman now seems poised to become the premier, most-favored holding in the chemical space, on the basis of both its businesses and its management credibility. If and as this happens, its market cap would surge above $10 billion, to accommodate big new holders, producing an upward share revaluation.
Eastman Chemical closed at $65.88 on Wednesday.
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