KeyBanc Reiterates Overweight Rating on Eastman Chemical (EMN)

KeyBanc analyst Aleksey Yefremov reiterated an Overweight rating and $121.00 price target on Eastman Chemical (NYSE: EMN).

The analyst commented, "EMN's 2H24 is fairly typical, but more steady compared to most of our chemicals coverage. Demand is flat-to-down in a number of its end markets (autos, durables, ag, personal care), therefore earnings stability is a positive, in our view. Performance at the Kingsport methanolysis plant and demand for the premium recycled products it produces are tracking below expectations. On the bright side, EMN made significant progress in ironing out the biggest initial operational issues related to the Kingsport project. We are optimistic about additional information to be shared at the Company's upcoming investor day regarding both several growth initiatives related to recycling and sustainable materials. We expect continued modest outgrowth vs. end markets in '25, aided by the ramp of methanolysis facility closer to the initial $150M EBITDA goal. We maintain our Overweight rating and $121 price target."

For an analyst ratings summary and ratings history on Eastman Chemical click here. For more ratings news on Eastman Chemical click here.

Shares of Eastman Chemical closed at $101.08 yesterday.

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