Eastman Chemical downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Eastman Chemical (EMN) to Neutral from Overweight with a price target of $76, down from $112. The company remarked during its Q1 conference call that the rate of seasonal demand pick up is lighter this year, as customers are reducing inventories because demand is harder to estimate and tariff conditions are uncertain, the analyst tells investors in a research note. The firm cut estimates and believes Eastman is probably now beginning to rethink the timing as well as the risks and rewards of continuing its large specialty polymer growth investments because of possibly high tariff conditions and economic weakness.