Eastman Chemical price target raised to $107 from $100 at RBC Capital

RBC Capital raised the firm’s price target on Eastman Chemical to $107 from $100 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for Commodity Chemicals names. Earnings expectations in the second half of 2024 have come down further due to ongoing Europe weakness and unplanned outages throughout the quarter, and while construction demand should improve on interest rate cuts, the benefits are not likely to occur until mid-2025, the analyst tells investors in a research note. For Eastman however, the transition from lower-margin commodity businesses to now 70% higher-margin specialty businesses should result in greater earnings consistency moving forward, the firm added.