UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Eastman Chemical Company

In a report published Monday, Deutsche Bank reiterated its Buy rating on Eastman Chemical Company EMN, and raised its price target from $80.00 to $85.00. Deutsche Bank noted, “Raised '13 guidance outperforms peers. Valuation attractive at 11.5x P/E. Buy. Eastman shares rose 3% following in-line Q4 results as Eastman was one of the few chemical companies this earnings season to raise guidance (2%). While a wide propane-propylene spread in Q1 was the primary driver of the increase, with Eastman's transformed portfolio post last year's $5B Solutia acquisition demonstrating a high-level of earnings resiliency, and the company's $8/shr ‘15 EPS target looking more achievable owing to a plethora of growth drivers, we believe the likely contraction of this spread in Q2 will not be a negative for Eastman shares as it has been in the past. With valuation an attractive 11.5x ‘13E EPS, vs peers at 13x, we reiterate our Buy.” Eastman Chemical Company closed on Friday at $73.50.