Eastman Chemical price target lowered to $95 from $98 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Eastman Chemical to $95 from $98 on a more cautious 2024 EPS assumption, while keeping an Overweight rating on the shares. The firm walks away from earnings “encouraged” by management’s initial thoughts on tailwinds it expects in 2024. These tailwinds are far from an optimistic bull case, but still add up to about $9 EPS before counting potential headwinds, such as weaker consumer, auto, construction, and commodity spreads, KeyBanc says. The firm views Eastman as one of the few names where simply less destocking in areas such as packaging, coatings, and ag could drive healthy earnings recovery in ’24.