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