Eastman Chemical price target lowered to $102 from $105 at Piper Sandler

Piper Sandler analyst Charles Neivert lowered the firm’s price target on Eastman Chemical (EMN) to $102 from $105 and keeps a Neutral rating on the shares. The firm says its diminished growth outlook for chemicals is predicated on “several underlying fundamental factors largely emanating” from structural issues in the economies outside the U.S., especially Europe and Asia, with China’s role dominating the outlook. Piper also sees significant downside risk based on some of the policies now being considered by the incoming Trump administration, primarily policies which will increase oil and gas production well beyond current levels and tariffs which might meet retaliatory pushback.