Eastman Chemical price target raised to $101 from $95 at KeyBanc

KeyBanc raised the firm’s price target on Eastman Chemical to $101 from $95 on stronger earnings, while keeping an Overweight rating on the shares. Eastman Chemical is one of the top beneficiaries from the end of destocking and potential occurrence of restocking, in the firm’s view. Management highlighted a $150M benefit from the absence of destocking, as well as a $75M recovery from improved utilization. If demand materially improves, there is about $300M of lost volumes that Eastman Chemical is likely to make headway on in 2024, KeyBanc argues.