Citi downgraded Eastman Chemical (EMN) to Neutral from Buy with a price target of $104, down from $118. The firm sees the company’s opportunity as relatively balanced into 2025. Eastman was the lone stock in the group in 2024 that had positive share price performance among commodity and intermediates as the company lapped de-stocking in a sluggish macro environment and “worked out kinks” with methanolysis, the analyst tells investors in a research note. However, Citi thinks the first half of 2025 may continue to see pressure in Eastman’s cyclical end markets like autos, and sees potential for multi-year fibers earnings normalization.
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