UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Eastman Chemical Company Following Raised EPS Guidance

In a report published Thursday, Citigroup analyst P.J. Juvekar reiterated a Buy rating on

, 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 Company closed on Wednesday at $80.95.