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UPDATE: Citigroup Raises PT on Eastman Chemical Following Raised EPS Guidance

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CLSA Downgrades Eastman Chemical To Underperform
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Portfolio Changes For The First Quarter Of 2015 (Seeking Alpha)

In a report published Thursday, Citigroup analyst P.J. Juvekar reiterated a Buy rating on Eastman Chemical (NYSE: EMN), and raised the price target from $77.00 to $93.00.

In the report, Citigroup noted, “Mgmt is back at it again raising FY EPS guidance (+10c to $6.40-$6.50) following a hiatus during 1Q earnings. EMN's portfolio post the Solutia acquisition one year ago continues to deliver despite weakness in some product lines, particularly Adhesives & Plasticizers, and convergence in the propylene-to-propane spread (down 13c Q/Q). We continue to like EMN due to its transformed portfolio, solid execution, and expected share repurchases (~$1.2B by '16) from strong FCF generation.”

Eastman Chemical closed on Wednesday at $80.95.

Latest Ratings for EMN

DateFirmActionFromTo
Mar 2015CLSADowngradesOutperformUnderperform
Feb 2015BarclaysMaintainsEqual-weight
Feb 2015JP MorganMaintainsNeutral

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Posted-In: Citigroup P.J. JuvekarAnalyst Color Price Target Analyst Ratings

 

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