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Fly News Breaks for December 21, 2018
EMN
Dec 21, 2018 | 08:28 EDT
Jefferies analyst Laurence Alexander lowered his price target for Eastman Chemical to $91 saying he expects destocking in tires and coatings will likely extend into the first half of 2019. Auto trends and the broader uncertainty created by the tariff disputes make demand trends after the Chinese New Year "tougher to gauge," Alexander tells investors in a research note. However, the analyst believes the risks are "well-discounted" with Eastman trading at "depressed" relative multiple. As such, he keeps a Buy rating on the shares.
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