Eastman Chemical price target lowered to $96 from $99 at Piper Sandler

Piper Sandler lowered the firm’s price target on Eastman Chemical to $96 from $99 and keeps an Overweight rating on the shares. Based on recent company commentary and channel checks, the analyst reduced Q2 earnings estimates as well as the trajectory of Eastman’s earnings over the next 18 months. Any “substantive recovery may be unable to gain traction” until at least Q4, the analyst tells investors in a research note. Piper says the pace of recovery, especially in Asia and Europe, has led to earnings for Eastman in some segments to fall toward the lower end or slightly below its initial guidance.