Market Overview

UPDATE: Goldman Sachs Raises PT on Eastman Chemical on Potential Divestiture

Related EMN
JP Morgan Sees Headwind For Eastman Chemical In Lower Oil Prices
Benzinga's Top Downgrades
Eastman Chemical to Buy Taminco for $1.8 Billion (Fox Business)

In a report published Wednesday, Goldman Sachs analyst Robert Koort reiterated a Buy rating on Eastman Chemical (NYSE: EMN), and raised the price target from $83.00 to $86.00.

In the report, Goldman Sachs noted, “EMN has recently been more vocal in its pursuit of a potential divestiture of its merchant market ethylene exposure, stating that they are ‘in the middle of conversations with a variety of parties,' have opened up a dataroom and are hosting site visits at its Longview crackers. In our view EMN's options range from the full sale of all four of its Texas crackers to the partial sale to off-take agreements. We do not take a view on the likelihood of any particular outcome, but we believe such a divestiture would be positive for EMN valuation long term.”

Eastman Chemical closed on Tuesday at $73.59.

Latest Ratings for EMN

DateFirmActionFromTo
Dec 2014NomuraInitiates Coverage onNeutral
Dec 2014UBSMaintainsBuy
Dec 2014JP MorganDowngradesOverweightNeutral

View More Analyst Ratings for EMN
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Robert KoortAnalyst Color Price Target Analyst Ratings

 

Related Articles (EMN)

Around the Web, We're Loving...

Get Benzinga's Newsletters