Eastman Chemical price target lowered to $98 from $103 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Eastman Chemical to $98 from $103 on softer earnigns, while keeping an Overweight rating on the shares. The firm also trims its Q3 and 2023 EBITDA estimates by 3% and 1%, respectively, to reflect lower Chemical Intermediates margins. KeyBanc stands 8% below consensus EBITDA for Q3 and 4% below for 2023. By its estimates, the quarter progressed largely in line with management’s expectations as de-stocking appears to be mostly complete in a number of its end markets and there is no clear evidence of restocking. The firm highlights elevated propane costs may present a headwind to Chemical Intermediates earnings in the second half of the year.