Deutsche Bank Raises PT on Eastman Chemical; Reaffirms “Buy” Rating (EMN)

Deutsche Bank reported on Monday that they have raised their price target on chemical company, Eastman Chemical Company(EMN).

The firm reported that they have maintained a “Buy” rating on EMR, and have increased the company’s price target from $80 to $85. This price target suggests a 14% increase from the stock’s current price of $72.36.

An analyst from the firm commented, “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 shares were down -$1.16, or -1.58% during Monday morning trading. The stock has increased 35% in the past year.

The Bottom Line
Shares of Eastman Chemical Company(EMN) have a 1.65% yield, based on Monday morning’s price of $72.68.

Eastman Chemical Company(EMN)is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here