UBS downgraded Eastman Chemical to Neutral from Buy with a price target of $81, down from $91. The company’s weaker 2024 outlook and lower base earnings offset the positive from recycling in the near term, the analyst tells investors in a research note. The firm believes some of the benefits of market stabilization and Eastman’s new recycling initiatives are offset by its lower base earnings into 2024. It says a share overhang from consumer demand will likely limit any near-term re-rating potential for the shares, creating a more balanced risk/reward.
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