UPDATE: J.P. Morgan Upgrades Eastman Chemical Company; Raises PT

According to a research report published this morning, J.P. Morgan has upgraded Eastman Chemical Company

from Neutral to Overweight, and raised PT from $57 to $58. In the report, J.P. Morgan said, "Eastman shares with LYB, DOW and WLK an exposure to an inexpensive and growing natural gas liquids feedstock supply. We expect Eastman to throw off 13.6% of its share price in free cash flow in 2013: its 2012 free cash flow yield is much lower at 4.2% due to increased working capital needs stemming from the Solutia acquisition. We expect a 16% free cash flow yield for 2014. We believe that these very high sustainable levels of free cash flow generation are likely to justify a higher Eastman share price. Eastman Chemical's share price has decreased (15%) over the previous month (comparable to the decrease in LyondellBasell), versus a 6% decrease in the S&P Index." Eastman Chemical Company closed yesterday at $47.