Eastman Chemical: Buy Rating Amid Near-Term Challenges and Long-Term Growth PotentialWe update our estimates for EMN ahead of 3Q25 reporting. We update our EPS estimates as follows: 3Q25 is revised from $1.25 to $1.15 (vs. <$1.25 guide; $1.22 consensus), 2025 is revised from $6.00 to $5.71 (vs. $5.92 consensus), 2026 is revised from $7.00 to $6.89 (vs. $7.03 consensus), and 2027 is revised from $8.00 to $7.87 (vs. $8.05 consensus). Accordingly, 3Q25 EBIT is revised from $223M to $209M (vs. $221M consensus), 2025 EBIT is revised from $1,031M to $991M (vs. $1,021M consensus), 2026 EBIT is revised from $1,147M to $1,132M (vs. $1,161M consensus), and 2027 EBIT is revised from $1,263M to $1,246M (vs. $1,269M consensus).