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Fly News Breaks for September 7, 2016
CE, EMN
Sep 7, 2016 | 06:11 EDT
Citi analyst P.J. Juvekar downgraded Eastman Chemical (EMN) to Neutral saying he sees earnings growth risks from a secular decline in the "once dependable" filter tow business, which is used in cigarette filters. The analyst cut his price target for the shares to $73 from $74 and notes his 2017 earnings estimates are now below consensus. Juvekar this morning also downgraded Celanese (CE) to Neutral citing a similar rationale.
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