Eastman Chemical added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is adding Eastman Chemical to the firm’s “Tactical Outperform” list as the firm sees the timeline adjustment for the French methanolysis facility, and associated capex guidance cut with Q1, as “prudent and arguably helpful for market participants” in the sense it means incremental Kingsport earnings should be more visible before other circular investments ramp. Management has largely de-risked the $2 per share guidance for Q2 without acceleration into quarter close, added the analyst, who sees an “interesting setup” following the recent pullback in the shares. Evercore has an In Line rating and $118 price target on Eastman shares.