Eastman Chemical price target lowered to $115 from $119 at BofA

BofA analyst Salvator Tiano lowered the firm’s price target on Eastman Chemical (EMN) to $115 from $119 and keeps a Neutral rating on the shares. Though the “base” business is performing largely better than the firm expected, even amid a challenging 2024, the Kingsport methanolysis ramp-up is facing additional complications, says the analyst, who thinks shares continue to be fairly valued based on the base business, with most of the upside tied to the successful deployment of its methanolysis technology at additional sites.