Eastman Chemical price target lowered to $75 from $80 at Wells Fargo

Wells Fargo lowered the firm’s price target on Eastman Chemical to $75 from $80 and keeps an Equal Weight rating on the shares. While the firm still sees a good recovery for 2024 EPS and sees the stock as “attractively valued” by historical measures, the uncertain economic environment mutes its confidence and could limit multiple expansion. On the positive, destocking has subsided, Wells adds.