Eastman Chemical (NYSE:EMN) Stock, Quote.Headers.trade-ideas

Eastman Chemical

Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemical company with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.

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Eastman Chemical Company (NYSE: EMN) is benefiting from cost-cutting and productivity actions as well as its innovation-driven growth model amid challenges from soft demand in certain markets.

Shares of EMN are up 22.1% over the past year compared with a 7.4% decline of its industry.

Here&#39;s Why You Should Hold Onto Eastman Chemical Stock for Now

Eastman Chemical Company (NYSE: EMN) is scheduled to release second-quarter 2024 results after the closing bell on Jul 25.

Eastman Chemical to Report Q2 Earnings: What&#39;s in Store?

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On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said he likes GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>). &#8220;We're all looking for situations where we can play the environment and corporations, and <a href="https://www.benzinga.com/quote/GEV/analyst-ratings">we've got it,&#8221; he added.</a>
On Sept. 4, Jefferies initiated coverage on the stock with a Buy rating and announced a price target of $261.
Veralto Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>) is a &#8220;very well-run&#8221; company, Cramer said. &#8220;I'm not sure how much more we can go higher unless it makes an acquisition or really accelerates earning, and I don't see that happening.&#8221;
On Aug. 13, UBS analyst Damian Karas initiated coverage on Veralto with a Neutral rating and announced a price target of $118.
When asked about Eastman Chemical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>), he said, &#8220;I think the stock, with a 3% yield, is one of the better, one of the better plastic stocks in the market.&#8221;
On Aug. 20, Eastman named Iké Adeyemi as Chief Legal Officer.
Lam Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) has &#8220;gone down too much,&#8221; he said. &#8220;I'd rather be a buyer, but buy it slowly, do not buy it once, that will only lead to pain.&#8221;
On Aug. 29, Lam Research raised its quarterly dividend from $2.00 to $2.30 per share.
Price Action:
<ul>
<li>GE Vernova shares fell 0.1% to settle at $198.33 on Friday.</li>
<li>Veralto shares declined 1% to close at $108.72 during Friday's session.</li>
<li>Lam Research shares fell 2.9% to close at $733.83 during Friday's session.</li>
<li>Eastman Chemical fell 0.9% to settle at $97.17 during the session.</li>
</ul>
Read Next:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40748893/over-40m-bet-on-pbf-energy-check-out-these-4-stocks-executives-are-buying"> </a>
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40748893/over-40m-bet-on-pbf-energy-check-out-these-4-stocks-executives-are-buying">Over $40M Bet On PBF Energy? Check Out These 4 Stocks Executives Are Buying</a></li>
</ul>
Image: Shutterstock

Jim Cramer: Veralto Is A 'Well-Run' Company, Likes This Utilities Stock

Eastman Chemical Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emn#NYSE">EMN</a>) is benefiting from cost-cutting and productivity actions as well as its innovation-driven growth model amid challenges from soft demand in certain markets.
Shares of EMN are up 22.1% over the past year compared with a 7.4% decline of its industry.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/40/76792.jpg?v=1565582696" />
Image Source: Zacks Investment Research
Let&#39;s find out why this Zacks Rank #3 (Hold) stock is worth retaining at the moment.
<h2>Eastman Chemical Gains on Cost Actions &amp; Innovation</h2>
Eastman is gaining from its actions to manage costs. It is expected to benefit from lower operating costs from its operational transformation program in 2024.
EMN is taking action to keep its manufacturing and administrative costs in control. It achieved cost savings of around $200 million in 2023, net of inflation.&nbsp; Pricing initiatives and lower raw material and energy costs are also expected to support the company&#39;s bottom line. The company plans to maintain pricing discipline and improve asset utilization throughout the year.
Eastman aims to increase new business revenues by utilizing its innovation-driven growth strategy. Innovation and market development initiatives are expected to support its sales volumes. Its specialty portfolio is expected to drive sales growth across key end markets such as consumer durables, building &amp; construction and transportation.
The company is also expected to gain from the revenues and earnings generated by its Kingsport methanolysis facility in 2024. It anticipates a $50 million incremental EBITDA contribution from the Kingsport facility.
Eastman Chemical also remains focused on maintaining a disciplined approach to capital allocation with an emphasis on debt reduction. It returned $526 million to shareholders in 2023 through dividends and share repurchases. It also raised its dividend for the 14th consecutive year. EMN expects to repurchase shares worth around $300 million in 2024.
<h2>Demand Weakness a Concern for EMN Stock</h2>
EMN is exposed to headwinds from weak demand in certain markets. It is seeing soft demand in building &amp; construction and cautious customer behavior in consumer durables and electronics. Demand in building &amp; construction remains sluggish in most regions.
While Eastman Chemical is seeing an end of customer inventory de-stocking across most of its end markets, the same is expected to continue in medical applications in the second half of 2024. Weaker demand is expected to adversely impact its performance in the third quarter of 2024.
<div class="chart_embed">
<h3>Eastman Chemical Company Price and Consensus</h3>
<img alt="Eastman Chemical Company Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/3c/1725614461.png" style="height:265px; width:583px" title="" />
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
</div>
<h2>Stocks to Consider</h2>
Better-ranked stocks in the Basic Materials space are Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>), Element Solutions Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/esi#NYSE">ESI</a>) and Eldorado Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ego#NYSE">EGO</a>), each sporting a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for Newmont&#39;s current-year earnings is pegged at $2.82, indicating a rise of 75.2% from year-ago levels. The Zacks Consensus Estimate for NEM&#39;s earnings has increased 16% in the past 60 days. The stock has rallied around 35% in the past year.
The consensus estimate for Element Solutions&#39; current-year earnings has increased by 0.7% in the past 60 days. ESI beat the consensus estimate in three of the last four quarters while delivering in-line results on the other occasion. In this timeframe, it delivered an earnings surprise of around 3.8%, on average.
The Zacks Consensus Estimate for Eldorado Gold&#39;s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company&#39;s shares have rallied roughly 73% in the past year.
<a href="https://www.zacks.com/stock/news/2332583/here-s-why-you-should-hold-onto-eastman-chemical-stock-for-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2332583">To read this article on Zacks.com click here.</a>

Here's Why You Should Hold Onto Eastman Chemical Stock for Now

Piper Sandler analyst Charles Neivert maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Neutral and maintains $105 price target.

Price Target

Piper Sandler Maintains Neutral on Eastman Chemical, Maintains $105 Price Target

RBC Capital analyst Arun Viswanathan reiterates Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Sector Perform and maintains $100 price target.

Reiteration

RBC Capital Reiterates Sector Perform on Eastman Chemical, Maintains $100 Price Target

Deutsche Bank analyst David Begleiter maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Hold and raises the price target from $100 to $108.

Deutsche Bank Maintains Hold on Eastman Chemical, Raises Price Target to $108

Barclays analyst Michael Leithead maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Equal-Weight and raises the price target from $103 to $111.

Barclays Maintains Equal-Weight on Eastman Chemical, Raises Price Target to $111

Providing a diverse range of perspectives from bullish to bearish, 8 analysts have published ratings on Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) in the last three months.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Eastman Chemical, revealing an average target of $111.88, a high estimate of $128.00, and a low estimate of $103.00. This upward trend is apparent, with the current average reflecting a 10.23% increase from the previous average price target of $101.50.
<img src="https://www.benzinga.com/files/images/story/2024/1722013280_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
A comprehensive examination of how financial experts perceive Eastman Chemical is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Roberts</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$107.00</td>
<td>$102.00</td>
</tr>
<tr>
<td>Patrick Cunningham</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Buy</td>
<td>$111.00</td>
<td>$114.00</td>
</tr>
<tr>
<td>Joshua Spector</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$128.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Michael Leithead</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$103.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Arun Viswanathan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$104.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Charles Neivert</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Laurence Alexander</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$125.00</td>
<td>$102.00</td>
</tr>
<tr>
<td>Steve Byrne</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$112.00</td>
<td>$113.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Eastman Chemical. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Eastman Chemical compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Eastman Chemical's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Eastman Chemical's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/EMN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Eastman Chemical analyst ratings.</a>
<h2>Unveiling the Story Behind Eastman Chemical</h2>
Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemical company with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.
<h3>Eastman Chemical: Delving into Financials</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Revenue Challenges: Eastman Chemical's revenue growth over 3 months faced difficulties. As of 31 March, 2024, the company experienced a decline of approximately -4.23%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Materials sector.
Net Margin: Eastman Chemical's net margin excels beyond industry benchmarks, reaching 7.14%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Eastman Chemical's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 3.0% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Eastman Chemical's ROA stands out, surpassing industry averages. With an impressive ROA of 1.12%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Eastman Chemical's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.92.
<h2>How Are Analyst Ratings Determined?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Navigating 8 Analyst Ratings For Eastman Chemical

Mizuho analyst John Roberts maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Neutral and raises the price target from $102 to $107.

Mizuho Maintains Neutral on Eastman Chemical, Raises Price Target to $107

Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) reported quarterly earnings of $2.15 per share which beat the analyst consensus estimate of $2.01 by 6.97 percent. The company reported quarterly sales of $2.36 billion which met the analyst consensus estimate. This is a 1.68 percent increase over sales of $2.32 billion the same period last year.

Eastman Chemical Q2 2024 Adj EPS $2.15 Beats $2.01 Estimate, Sales $2.36B Inline

Eastman Chemical Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emn#NYSE">EMN</a>) is scheduled to release second-quarter 2024 results after the closing bell on Jul 25.
The company surpassed Zacks Consensus Estimate for earnings in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of around 5% on average. EMN pulled off an earnings surprise of 14.2% in the last reported quarter.
Eastman is expected to have benefited from cost-cutting and productivity initiatives, as well as its innovation-driven growth strategy. However, soft demand in certain markets is likely to have weighed on its second-quarter performance.
The stock has gained 12.6% in the past year compared with the industry&#39;s fall of 10%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/38/72277.jpg?v=188913821" />
Image Source: Zacks Investment Research
Let&#39;s see how things are shaping up for this announcement.
<h3>Zacks Model</h3>
Our proven model predicts an earnings beat for EMN this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earning beat.
Earnings ESP: Earnings ESP for Eastman Chemical is +0.29%. The Zacks Consensus Estimate for the second quarter is currently pegged at $1.99.
Zacks Rank: Eastman Chemical currently carries a Zacks Rank #3.
<h3>What Do the Estimates Say?</h3>
The Zacks Consensus Estimate for sales for the to-be-reported quarter is currently pegged at $2,369.3 million, which implies a rise of around 1.9% from the year-ago reported number.
Our estimate for EMN&#39;s Additives and Functional Products division&#39;s revenues is pegged at $715.3 million, suggesting a fall of 4.3% year over year. The same for the Advanced Materials unit&#39;s revenues is $733.8 million, indicating a decline of 0.7%.
Our estimate for the Chemical Intermediates segment&#39;s revenues is pinned at $515.5 million, suggesting a year-over-year rise of 0.3%. The same for the Fiber segment stands at $371.5 million, indicating an increase of 15% year over year.
<h3>Some Factors to Watch</h3>
Eastman&#39;s cost-cutting initiatives are anticipated to have benefited the company in the June quarter. It is expected to have gained from its operational transformation efforts, which are likely to have resulted in lower operating costs.
EMN is taking action to keep its manufacturing and administrative costs in control. It achieved cost savings of around $200 million in 2023, net of inflation.&nbsp; The company also plans to maintain pricing discipline and improve asset utilization throughout this year. Pricing initiatives and lower raw material and energy costs are also expected to have supported its bottom line.
Moreover, Eastman&#39;s goal is to increase new business revenues by utilizing its innovation-driven growth strategy. Its sales volumes are likely to have been aided by innovation and market development initiatives.
However, EMN is exposed to headwinds from weak demand and continued de-stocking in specific markets. Lingering effects from customer inventory de-stocking across certain markets are expected to have impacted its performance. The company, on its first-quarter call, said that it sees uncertain primary demand in key markets and regions through the remainder of 2024. It expects continued de-stocking in medical and agriculture in the second quarter. EMN also sees soft demand in building &amp; construction in most regions and cautious customer behavior in consumer durables and electronics.
<div class="chart_embed">
<h3>Eastman Chemical Company Price and EPS Surprise</h3>
<img alt="Eastman Chemical Company Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/2e/1721812314.png" style="height:263px; width:537px" title="" />
Eastman Chemical Company price-eps-surprise | Eastman Chemical Company Quote
</div>
<h3>Stocks That Warrant a Look</h3>
Here are some companies in the basic materials space you may want to consider as our model shows they too have the right combination of elements to post an earnings beat this quarter:
Agnico Eagle Mines Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>), scheduled to release earnings on Jul 31, has an Earnings ESP of +6.31% and carries a Zacks Rank #2.
The consensus estimate for AEM&#39;s earnings for the second quarter is currently pegged at 86 cents.
ATI Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ati#NYSE">ATI</a>), slated to release earnings on Aug 6, has an Earnings ESP of +3.50% and carries a Zacks Rank #3 at present.
The consensus mark for ATI&#39;s second-quarter earnings currently stands at 58 cents.
Kinross Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>), scheduled to release second-quarter earnings on Jul 31, has an Earnings ESP of +12.78%.
The Zacks Consensus Estimate for Kinross Gold&#39;s earnings for the second quarter is currently pegged at 13 cents. KGC currently carries a Zacks Rank #1.
<a href="https://www.zacks.com/stock/news/2307649/eastman-chemical-emn-to-report-q2-earnings-what-s-in-store?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2307649">To read this article on Zacks.com click here.</a>

Eastman Chemical to Report Q2 Earnings: What's in Store?

Across the recent three months, 12 analysts have shared their insights on Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>), expressing a variety of opinions spanning from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $110.42, a high estimate of $128.00, and a low estimate of $100.00. This current average has increased by 12.77% from the previous average price target of $97.92. 
<img src="https://www.benzinga.com/files/images/story/2024/1719504064_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The perception of Eastman Chemical by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Patrick Cunningham</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Buy</td>
<td>$111.00</td>
<td>$114.00</td>
</tr>
<tr>
<td>Joshua Spector</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$128.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Michael Leithead</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$103.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Arun Viswanathan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$104.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Charles Neivert</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Laurence Alexander</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$125.00</td>
<td>$102.00</td>
</tr>
<tr>
<td>Steve Byrne</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$112.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>John Roberts</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$102.00</td>
<td>$91.00</td>
</tr>
<tr>
<td>Arun Viswanathan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$100.00</td>
<td>$89.00</td>
</tr>
<tr>
<td>Michael Sison</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$100.00</td>
<td>$89.00</td>
</tr>
<tr>
<td>Patrick Cunningham</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$114.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Aleksey Yefremov</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$121.00</td>
<td>$101.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Eastman Chemical. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Eastman Chemical compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Eastman Chemical's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
To gain a panoramic view of Eastman Chemical's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/EMN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Eastman Chemical analyst ratings.</a>
<h2>About Eastman Chemical</h2>
Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemical company with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.
<h3>Eastman Chemical's Financial Performance</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Challenges: Eastman Chemical's revenue growth over 3 months faced difficulties. As of 31 March, 2024, the company experienced a decline of approximately -4.23%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Materials sector.
Net Margin: Eastman Chemical's net margin is impressive, surpassing industry averages. With a net margin of 7.14%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 3.0%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 1.12%, the company showcases effective utilization of assets.
Debt Management: Eastman Chemical's debt-to-equity ratio is below the industry average at 0.92, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

In-Depth Examination Of 12 Analyst Recommendations For Eastman Chemical

Citigroup analyst Patrick Cunningham maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Buy and lowers the price target from $114 to $111.

Citigroup Maintains Buy on Eastman Chemical, Lowers Price Target to $111

Eastman Chemical Company&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emn#NYSE">EMN</a>) shares have shot up 18% over the past six months. The company has also outperformed its industry&#39;s rise of 9.7% over the same time frame. Moreover, it has topped the S&amp;P 500&#39;s around 15% rise over the same period. 
Let&#39;s take a look into the factors behind this Zacks Rank #3 (Hold) stock&#39;s price appreciation.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f9/68080.jpg?v=1380915685" /> 
Image Source: Zacks Investment Research
<h3>What&#39;s Working in EMN&#39;s Favor?</h3>
Strong first-quarter 2024 results and upbeat prospects have contributed to the run-up in the company&#39;s shares. EMN&#39;s adjusted earnings of $1.61 per share trounced the Zacks Consensus Estimate of $1.41. Revenues of $2,310 million for the quarter also beat the Zacks Consensus Estimate of $2,259.2 million. The company benefited from a return to primary demand for many of its specialty products in the Advanced Materials and Additives &amp; Functional Products segments. 
Eastman is benefiting from its innovation-driven growth model and actions to manage costs. It is expected to benefit from lower operating costs from its operational transformation program. 
EMN is taking actions to keep its manufacturing and administrative costs in control. It achieved cost savings of around $200 million in 2023, net of inflation.&nbsp;Pricing initiatives and lower raw material and energy costs are also expected to support the company&#39;s bottom line. The company plans to maintain pricing discipline and improve asset utilization throughout the year. 
Moreover, Eastman&#39;s goal is to increase new business revenues by utilizing its innovation-driven growth strategy. Its sales volumes are expected to be supported by the innovation and market development initiatives. 
The company is also expected to gain from the revenues and earnings generated by its Kingsport methanolysis facility in 2024, mostly in the second half of the year. The facility is expected to deliver roughly $75 million of incremental EBITDA growth in 2024. 
Eastman Chemical also remains focused on maintaining a disciplined approach to capital allocation with an emphasis on debt reduction. It returned $526 million to shareholders in 2023 through dividends and share repurchases. It also raised its dividend for the 14th consecutive year. Eastman expects to generate cash flow from operating activities of roughly $1.4 billion for 2024. It expects to repurchase shares worth $200-$300 million in 2024.
<div class="chart_embed">
<h3>Eastman Chemical Company Price and Consensus</h3>
<a href="https://www.zacks.com/stock/chart/EMN/price-consensus-chart?icid=chart-EMN-price-consensus-chart"><img alt="Eastman Chemical Company Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/a0/1717491844.png" style="height:265px; width:583px" title="" /> </a>
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
</div>
<h3>Stocks to Consider</h3>
Better-ranked stocks in the basic materials space include Axalta Coating Systems Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axta#NYSE">AXTA</a>), Carpenter Technology Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crs#NYSE">CRS</a>) and ATI Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ati#NYSE">ATI</a>). 
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company&#39;s shares have soared roughly 127% in the past year. 
Axalta Coating Systems, carrying a Zacks Rank #1, has a projected earnings growth rate of 26.8% for the current year. In the past 60 days, the consensus estimate for AXTA&#39;s current-year earnings has been revised upward by 5.9%. The company&#39;s shares have gained roughly 15% in the past year. 
ATI currently carries a Zacks Rank #2 (Buy). ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company&#39;s shares have rallied around 62% in the past year.
<a href="https://www.zacks.com/stock/news/2283190/eastman-chemical-emn-shares-rally-18-in-6-months-here-s-why?cid=CS-BENZ-FT-analyst_blog|price_surge_/_plunge-2283190">To read this article on Zacks.com click here.</a>

AXTA

Eastman Chemical Shares Rally 18% in 6 Months: Here's Why

In the preceding three months, 11 analysts have released ratings for Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>), presenting a wide array of perspectives from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $110.36, a high estimate of $128.00, and a low estimate of $100.00. Marking an increase of 14.42%, the current average surpasses the previous average price target of $96.45. 
<img src="https://www.benzinga.com/files/images/story/2024/1716480009_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The standing of Eastman Chemical among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Joshua Spector</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$128.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Michael Leithead</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$103.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Arun Viswanathan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$104.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Charles Neivert</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Laurence Alexander</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$125.00</td>
<td>$102.00</td>
</tr>
<tr>
<td>Steve Byrne</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$112.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>John Roberts</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$102.00</td>
<td>$91.00</td>
</tr>
<tr>
<td>Arun Viswanathan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$100.00</td>
<td>$89.00</td>
</tr>
<tr>
<td>Michael Sison</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$100.00</td>
<td>$89.00</td>
</tr>
<tr>
<td>Patrick Cunningham</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$114.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Aleksey Yefremov</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$121.00</td>
<td>$101.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Eastman Chemical. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Eastman Chemical compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Eastman Chemical's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Capture valuable insights into Eastman Chemical's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/EMN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Eastman Chemical analyst ratings.</a>
<h2>Delving into Eastman Chemical's Background</h2>
Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemical company with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.
<h3>Key Indicators: Eastman Chemical's Financial Health</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Revenue Growth: Eastman Chemical's revenue growth over a period of 3 months has faced challenges. As of 31 March, 2024, the company experienced a revenue decline of approximately -4.23%. This indicates a decrease in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Materials sector.
Net Margin: Eastman Chemical's net margin excels beyond industry benchmarks, reaching 7.14%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 3.0%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Eastman Chemical's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 1.12% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Eastman Chemical's debt-to-equity ratio is below the industry average. With a ratio of 0.92, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: What Are They?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Outlook: Eastman Chemical Through The Eyes Of 11 Analysts

UBS analyst Joshua Spector upgrades Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) from Neutral to Buy and raises the price target from $106 to $128.

Upgrades

UBS Upgrades Eastman Chemical to Buy, Raises Price Target to $128

Eastman Chemical Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emn#NYSE">EMN</a>), which produces Naia cellulosic fibers, has formed a strategic partnership with Debrand, a well-known next-life logistics company that specializes in finding sustainable solutions to apparel waste for some of the world&#39;s leading apparel and footwear brands. 
Eastman, in collaboration with Debrand, will recycle 5,000 pounds of pre- and post-consumer garment waste utilizing cutting-edge molecular recycling technology. The procedure reduces apparel waste to its molecular building blocks. It uses certified recycled material to make Naia Renew fibers, which are circular fibers made from 60% sustainably sourced wood pulp and 40% recycled waste material using a Global Recycled Standard-approved mass balance. 
Eastman&#39;s partnership with Debrand enables it to further its Naia sustainability goals, particularly the mainstreaming of circularity, by developing sustainable solutions for end-of-life textiles and converting them into valuable resources for new Naia Renew fibers. This relationship demonstrates the company&#39;s commitment to working closely with major collectors and sorters to create infrastructure changes that will advance sustainability in the fashion sector. 
Eastman and Debrand demonstrate the transformational power of molecular recycling technology to address the textile waste challenge. The partnership raises the bar for sustainable practices in the fashion sector by offering more circular solutions for apparel waste. Before it collaborated with Eastman, Debrand received a strategic investment from Waste Management, North America&#39;s leading provider of complete waste management, to supply circular solutions in the United States and Canada. 
Shares of Eastman have gained 21.4% over the past year compared with a 2% rise of its industry.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/05/67134.jpg?v=1118290815" /> 
Image Source: Zacks Investment Research
Eastman Chemical, on its first-quarter call, said that it predicts uncertain primary demand in key markets and regions through the remainder of 2024. However, the company continues to gain from its innovation-driven growth approach, which enables growth beyond its end markets. Eastman expects to gain from revenues and earnings generated by its Kingsport methanolysis unit, mostly in the second half of the year. The company plans to maintain pricing discipline and improve asset utilization throughout the year.
<div class="chart_embed">
<h3>Eastman Chemical Company Price and Consensus</h3>
<h3><a href="https://www.zacks.com/stock/chart/EMN/price-consensus-chart?icid=chart-EMN-price-consensus-chart"><img alt="Eastman Chemical Company Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/64/1716283547.png" style="height:265px; width:584px" title="" /> </a></h3>
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
</div>
<h3>Zacks Rank &amp; Key Picks</h3>
Eastman currently carries a Zacks Rank #3 (Hold). 
Better-ranked stocks in the basic materials space include ATI Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ati#NYSE">ATI</a>), Carpenter Technology Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crs#NYSE">CRS</a>) and Ecolab Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ecl#NYSE">ECL</a>). 
ATI carries a Zacks Rank #1 (Strong Buy) at present. ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company&#39;s shares have soared 62.3% in the past year. 
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 15.1%. The company&#39;s shares have soared 128.4%% in the past year. 
The Zacks Consensus Estimate for Ecolab&#39;s current-year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. ECL, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company&#39;s shares have rallied roughly 35.6% in the past year.
<a href="https://www.zacks.com/stock/news/2276399/eastman-emn-partners-debrand-to-recycle-textile-waste?cid=CS-BENZ-FT-analyst_blog|company_news_-_corporate_actions-2276399">To read this article on Zacks.com click here.</a>

Eastman Partners Debrand to Recycle Textile Waste

Barclays analyst Michael Leithead maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Equal-Weight and raises the price target from $85 to $103.

Barclays Maintains Equal-Weight on Eastman Chemical, Raises Price Target to $103

Collaboration between industry leaders showcases value of a new sustainable innovation.

Eastman, Sealed Air Partner To Develop Certified Compostable Protein Trays As Alternative To Polystyrene Trays

RBC Capital analyst Arun Viswanathan maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Sector Perform and raises the price target from $100 to $104.

RBC Capital Maintains Sector Perform on Eastman Chemical, Raises Price Target to $104

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Jefferies cut the price target for Chegg, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) from $7 to $4. Jefferies analyst Brent Thill downgraded the stock from Hold to Underperform. Chegg shares rose 1% to close at $7.17 on Monday. <a href="https://www.benzinga.com/quote/CHGG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keybanc slashed the price target for ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) from $100 to $90. Keybanc analyst John Vinh maintained an Overweight rating. ON Semiconductor shares rose 4.1% to close at $70.82 on Monday. <a href="https://www.benzinga.com/quote/ON/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler increased Eastman Chemical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) price target from $90 to $105. Piper Sandler analyst Charles Neivert maintained a Neutral rating. Eastman Chemical shares rose 1.9% to close at $97.34 on Monday. <a href="https://www.benzinga.com/quote/EMN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Oppenheimer raised the price target for The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) from $479 to $517. Oppenheimer analyst Chris Kotowski maintained an Outperform rating. Goldman Sachs shares rose 0.8% to close at $430.81 on Monday. <a href="https://www.benzinga.com/quote/GS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel raised Sensata Technologies Holding plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ST#NYSE">ST</a>) price target from $36 to $43. Stifel analyst Matthew Sheerin maintained a Hold rating. Sensata Technologies shares rose 2.2% to close at $35.76 on Monday. <a href="https://www.benzinga.com/quote/ST/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Susquehanna slashed Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) price target from $27 to $25. Susquehanna analyst Christopher Stathoulopoulos maintained a Neutral rating. Southwest shares fell 0.7% to close at $26.84 on Monday. <a href="https://www.benzinga.com/quote/LUV/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs cut the price target for XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>) from $30 to $23. Goldman Sachs analyst Tito Labarta downgraded the stock from Buy to Neutral. XP shares gained 1.7% to close at $21.42 on Monday. <a href="https://www.benzinga.com/quote/XP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen boosted Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) price target from $550 to $580. TD Cowen analyst Andrew Charles maintained a Buy rating. Domino&#8217;s shares rose 5.6% to close at $527.13 on Monday. <a href="https://www.benzinga.com/quote/DPZ/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities boosted MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) price target from $425 to $525. B of A Securities analyst Heather Balsky upgraded the stock from Underperform to Neutral. MSCI shares fell 0.2% to close at $476.98 on Monday. <a href="https://www.benzinga.com/quote/MSCI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham raised Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>) price target from $75 to $80. Needham analyst Quinn Bolton maintained a Buy rating. Lattice Semiconductor shares rose 4% to close at $76.86 on Monday. <a href="https://www.benzinga.com/quote/LSCC/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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As the EV revolution accelerates, the demand for key base metals such as lithium, copper, and cobalt is rising. Explore fundamentally strong mining stocks Glencore (GLNCY), Freeport-McMoRan (FCX), and Eastman Chemical (EMN), which are poised to benefit from this shift to electrification in the automotive industry. Read more... With the rapid adoption of EVs worldwide and favorable government policies, the base metal mining industry is well-poised to witness significant growth in the near future. Amid the EV boom, fundamentally sound mining stocks Glencore plc (<a href="https://stocknews.com/stock/GLNCY/">GLNCY</a>), Freeport-McMoRan Inc. (<a href="https://stocknews.com/stock/FCX/">FCX</a>), and Eastman Chemical Company (<a href="https://stocknews.com/stock/EMN/">EMN</a>) could be ideal buys.
Metals and minerals serve as essential raw materials for the construction, manufacturing, technology, and energy sectors. From steel and aluminum used in infrastructure and transportation to rare earth elements powering modern electronics and renewable energy technologies, their role is crucial in driving economic growth and innovation.
According to a Research and Markets report, the mining market is expected to grow from $2.14 trillion in 2023 to $2.28 trillion in 2024 <a href="https://www.researchandmarkets.com/report/mining?srsltid=AfmBOoppYFMB_vKEypjrXhjiNj8j_yiKmmzN8MSN3I76N7TShfa18LLO">at a CAGR of 6.5%</a>. Further, the market is projected to reach $2.83 trillion by 2028, expanding at a CAGR of 5.5%.
Moreover, the significant rise of EVs has sparked a transformation in the automotive industry, with demand for critical materials surging rapidly. As automakers transition from internal combustion engines to electric drivetrains, metals like lithium, cobalt, nickel, and copper have become essential components in EV batteries and infrastructure.
This shift to electrification has revolutionized transportation but boosted the mining industry, creating lucrative opportunities for companies supplying these critical minerals. Thus, quality mining stocks GLNCY, FCX, and EMN could be solid investments to capitalize on the EV boom.
Let's discuss the fundamentals of the featured stocks in detail:
Glencore plc (<a href="https://stocknews.com/stock/GLNCY/">GLNCY</a>)
Based in Baar, Switzerland, GLNCY engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products across the Americas, Europe, Asia, Africa, and Oceania. The company operates through two segments: Marketing Activities and Industrial Activities.
On July 5, 2024, GLNCY received approval from the Government of Canada under the Investment Canada Act (ICA) for the acquisition of a 77% interest in Elk Valley Resources (EVR) from Teck Resources.
The strategic acquisition of EVR will enhance the quality of Glencore's portfolio, broadening its ability to provide high-quality steelmaking coal to customers worldwide and contributing significant expected cashflows to the company.
GLNCY's forward non-GAAP P/E of 12.10x is 19.8% lower than the industry average of 15.08x. Likewise, the stock's forward EV/Sales multiple of 0.37 is 78.7% lower than the industry average of 1.74.
In the half year that ended June 30, 2024, GLNCY's revenue increased 9% year-over-year to $117.09 billion. It reported adjusted EBITDA of $6.34 billion for the first half of 2024. The company's <a href="https://www.investopedia.com/terms/f/fundsfromoperation.asp">funds from operations (FFO)</a> were $4.04 billion, up 8.8% from the prior year's quarter. As of June 30, 2024, its assets stood at $120.69 billion.
Analysts expect GLNCY's revenue for the fiscal year (ending December 2024) to increase 5.9% year-over-year to $230.68 billion. Further, for the fiscal year 2025, the company's revenue and EPS are expected to grow 1.1% and 1.9% year-over-year to $233.13 billion and $0.98, respectively.
GLNCY's stock has gained 2.2% over the past nine months to close the last trading session at $9.92.
GLNCY's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this promising outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.  
The stock has a B grade for Growth and Stability. GLNCY is ranked #4 out of 39 stocks in the <a href="https://stocknews.com/category/diversified-miners/">Miners – Diversified</a> industry.
<a href="https://stocknews.com/stock/GLNCY/">Click here</a> to see the POWR Ratings of GLNCY (Momentum, Value, Quality, and Sentiment).
Freeport-McMoRan Inc. (<a href="https://stocknews.com/stock/FCX/">FCX</a>)
FCX is a leading global metals company. It primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas.  Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; and significant operations in North America and South America.
In terms of the trailing-12-month net income margin, FCX's 9.63% is 48% higher than the 6.51% industry average. Likewise, its 35.35% trailing-12-month EBITDA margin is 108.9% higher than the industry average of 16.92%. Furthermore, the stock's 19.04% trailing-12-month Capex/Sales is 170.4% higher than the industry average of 7.04%.
For the second quarter ended June 30, 2024, FCX's revenues increased 15.5% year-over-year to $6.62 billion. Its operating income rose 45.3% from the year-ago value to $2.05 billion. Its net income attributable to common stock came in at $616 million and $0.42 per share, up 79.6% and 82.6% from the prior year's quarter, respectively.
Street expects FCX's EPS and revenue for the third quarter (ending September 30, 2024) to increase 9.1% and 12.4% year-over-year to $0.43 and $6.54 billion, respectively. Moreover, the company surpassed the consensus revenue and EPS estimates in each of the trailing four quarters.
Shares of FCX have surged 12.5% over the past six months and 2.4% over the past year to close the last trading session at $41.61.
FCX's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to Buy in our proprietary rating system.
Within the <a href="https://stocknews.com/category/industrial-metals/">Industrial – Metals</a> industry, FCX is ranked #10 among 27 stocks. It has a B grade for Quality. <a href="https://stocknews.com/stock/FCX/">Click here</a> to see FCX's ratings for Growth, Value, Momentum, Stability, and Sentiment.
Eastman Chemical Company (<a href="https://stocknews.com/stock/EMN/">EMN</a>)
EMN is a leading specialty materials company. The company operates through Additives &amp; Functional Products; Advanced Materials; Chemical Intermediates; and Fibers segments.
In terms of forward non-GAAP P/E, EMN is trading at 12.90x, 14.5% lower than the industry average of 15.08x. Similarly, the stock's forward Price/Sales of 1.24x is 9% lower than the industry average of 1.37x.
During the second quarter that ended June 30, 2024, EMN's sales revenues increased 1.7% year-over-year to $2.36 billion. Its adjusted EBIT rose 5.1% over the year-ago value to $353 million. Also, the company's adjusted earnings per share were $2.15, an increase of 8% from the previous year's quarter.
Analysts expect EMN's revenue to increase 4.8% year-over-year to $2.38 billion for the third quarter ending September 2024. The consensus EPS estimate of $2.13 for the current quarter indicates an improvement of 45.1% year-over-year. In addition, the company topped consensus EPS estimates in all four trailing quarters.
EMN's stock has gained 12% over the past six months and 19.5% over the past year to close the last trading session at $99.24.
EMN's sound fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
The stock has a B grade for Value. EMN is ranked #21 of 81 stocks in the B-rated <a href="https://stocknews.com/category/chemicals/">Chemicals</a> industry.
<a href="https://stocknews.com/stock/EMN/">Click here</a> to see EMN's ratings for Growth, Momentum, Stability, Sentiment, and Quality.
What To Do Next?
Discover 10 widely held stocks that our proprietary model shows have tremendous downside potential. Please make sure none of these "death trap" stocks are lurking in your portfolio:
<a href="https://report.stocknews.com/free-report/10-stocks-to-sell/?formplacement=artbotad_10sell">10 Stocks to SELL NOW! &gt;</a>

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GLNCY shares were trading at $9.90 per share on Thursday afternoon, down $0.03 (-0.30%). Year-to-date, GLNCY has declined -15.64%, versus a 15.87% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Mangeet Kaur Bouns</h2> <img src='https:/wp-content/uploads/2022/01/Mangeet-Kaur-Bouns_Image-4.jpg' style="float:left; padding:5px;width:125px;">Mangeet's keen interest in the stock market led her to become an investment researcher and financial journalist. Using her fundamental approach to analyzing stocks, Mangeet's looks to help retail investors understand the underlying factors before making investment decisions.<a href="https://stocknews.com/authors/?author=mangeet-kaurbouns">More...</a>The post <a href=https://stocknews.com/news/glncy-fcx-emn-3-mining-stocks-to-benefit-from-the-ev-boom/>3 Mining Stocks to Benefit From the EV Boom</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

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