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Fly News Breaks for January 17, 2019
EMN
Jan 17, 2019 | 07:07 EDT
Morgan Stanley analyst Vincent Andrews upgraded Eastman Chemical to Overweight from Equal Weight, while noting that this is the first time he has had an Overweight rating on the stock. However, he reduced his 2019 EPS estimate to $8.65 from $9.15, pointing out that this is below the consensus view of $9.15, and cut his price target to $90 from $107. Eastman's current valuation implies a "hard landing" in 2019, but the implied negative EPS revisions go too far and overlook some historical one-time issues from the 2015/2016 slowdown that will not repeat this time around, Andrews contends.
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