As previously reported, BofA upgraded Eastman Chemical (EMN) to Buy from Neutral with a price target of $109, down from $115. An 18% decline in Q4 was “excessive and more than fully re-priced recently-emerging risks,” the analyst tells investors. The valuation “looks attractive once again,” argues the analyst, who remains constructive on the company’s revenue and earnings growth prospects for the next few years, driven by volume growth in excess of its end-markets.
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