BofA downgrades Eastman Chemical on lack of upside to valuation

BofA downgraded Eastman Chemical to Neutral from Buy with a price target of $119, up from $114. Following the stock’s 26% year-to-date and 57% one-year return, Eastman’s current valuation leaves little room for upside potential, the analyst tells investors in a research note. The firm says upside from here hinges on the success of the company’s methanolysis strategy, “which carries elevated risk.”