Eastman Chemical price target lowered to $101 from $105 at BofA

BofA lowered the firm’s price target on Eastman Chemical to $101 from $105 and keeps a Buy rating on the shares. The firm sees several signs that petrochemical fundamentals are “near the bottom,” but notes that while the firm’s petrochemical sentiment index bottomed in July it has not yet flipped to a bullish outlook. In that context, the “challenge will be striking a balance between buying trough earnings and weathering poor” Q3 results, the analyst tells investors.