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Fly News Breaks for October 29, 2018
EMN
Oct 29, 2018 | 09:04 EDT
SunTrust analyst James Sheehan lowered his price target on Eastman Chemical to $83 and kept his Hold rating after its Q3 segment EBIT came in just below consensus with an "incrementally cautious" outlook offered for Q4. The analyst notes that the company maintained is FY18 earnings growth view thanks to a lower tax rate, stock buybacks, and lower capital expenditures. Sheehan also sees Eastman Chemical upside balanced with the downside amid the "ongoing shift towards specialty earnings" being offset by "trade uncertainty, inventory de-stocking and input cost pressure".