BofA lowered the firm’s price target on Eastman Chemical to $95 from $101 and keeps a Buy rating on the shares. Despite another step down in the 2023 guidance that points to about 15% lower Q4 EPS compared to prior expectations, shares have delivered a 7% return in the two trading days following its Q3 earnings release, the analyst tells investors. The firm, which believes that investors are now increasingly focused on 2024, notes its lower target reflects its reduced earnings estimates.
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