Eastman Chemical downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst David Begleiter downgraded Eastman Chemical to Hold from Buy with a price target of $96, up from $90, in conjunction with his December quarter earnings preview. Eastman has had strong absolute and relative share price performance, with shares up 12% year-to-date and 29% since late September, noted Begleiter. He believes Eastman’s exposures to building and construction and consumer markets, coupled with uncertainty around potential recessions in the U.S. and Europe, will drive management to provide cautious guidance when the company reports Q4 results in January, Begleiter tells investors.