Eastman Chemical price target raised to $128 from $121 at KeyBanc

KeyBanc raised the firm’s price target on Eastman Chemical (EMN) to $128 from $121 and keeps an Overweight rating on the shares. The firm continues to be impressed with Eastman’s solid execution on both margin and finding volume stability amid soft end markets. KeyBanc views the initial bridge to EPS of $8.38 as defendable at this stage given growth will largely be driven by self-help initiatives along with a stabilization in volumes in a number of key end markets. The cost and margin assumptions are sufficiently conservative, in the firm’s view. Overall, KeyBanc continues to view Eastman as an attractive holding for investors in 2025, given an underlying earnings improvement coupled with the potential to re-rate higher as methanolysis becomes a more meaningful piece of the portfolio.