RBC Capital analyst Arun Viswanathan raised the firm’s price target on Eastman Chemical to $88 from $83 but keeps a Sector Perform rating on the shares. The company’s FY23 guidance was shy of estimates, though the management noted that the overall demand is building momentum in the back half of 2023 in the Transportation and Stable end markets, the analyst tells investors in a research note. Eastman Chemical’s Transportation business should also benefit from growth with auto OEM’s, especially in EVs and the premium market, RBC added, though the firm is cutting its FY23 EPS view by 95c to $6.75 and its FY24 view by 80c to $8.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EMN:
- Eastman Chemical downgraded to Neutral on headwinds at Piper Sandler
- Eastman Chemical downgraded to Neutral from Overweight at Piper Sandler
- Eastman Chemical price target raised to $98 from $95 at Credit Suisse
- Eastman Chemical sees FY23 EPS $6.50-$7.00, consensus $7.70
- Eastman Chemical reports Q2 adjusted EPS $1.99, consensus $1.93