Wells Fargo analyst Michael Sison upgraded Eastman Chemical (EMN) to Overweight from Equal Weight with a price target of $125, up from $110. The firm believes Eastman can continue to generate steady EPS growth in this difficult macro environment, with attractive mid-cycle EBITDA in a recovery. While the stock has outperformed in 2024, it trades a a 2025 EV/EBITDA multiple of roughly 8.5x, and with 13% EPS growth in 2025 year-over-year, a good balance sheet, and new product momentum, the firm believes its multiple should expand.
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