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Eastman downgraded on lack of earnings growth at Scotiabank » 09:05
01/30/23
01/30
09:05
01/30/23
09:05
EMN

Eastman Chemical

$86.79 /

-5.065 (-5.51%)

Scotiabank analyst Ben…

Scotiabank analyst Ben Isaacson downgraded Eastman Chemical to Sector Perform from Outperform with a price target of $90, down from $100. The analyst believes Eastman has a low likelihood for share outperformance in the near term. The firm does not see earnings growth through 2024, after accounting for self-help measures and expects some lower raw materials and energy tailwinds in Q2. As such, the stock could be range-bound, Scotiabank tells investors in a research note.

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EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

01/30/23 Vertical Research
Eastman Chemical downgraded to Hold from Buy at Vertical Research
01/30/23 Mizuho
Eastman Chemical price target lowered to $82 from $85 at Mizuho
01/30/23 Barclays
Eastman Chemical price target raised to $87 from $82 at Barclays
01/30/23 Wells Fargo
Eastman Chemical price target raised to $95 from $80 at Wells Fargo
EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

Downgrade
Eastman Chemical downgraded to Hold from Buy at Vertical Research » 08:17
01/30/23
01/30
08:17
01/30/23
08:17
EMN

Eastman Chemical

$86.79 /

-5.065 (-5.51%)

Vertical Research analyst…

Vertical Research analyst Kevin McCarthy downgraded Eastman Chemical to Hold from Buy with a price target of $92, down from $94, stating that the firm sees "too many headwinds."

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EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

01/30/23 Mizuho
Eastman Chemical price target lowered to $82 from $85 at Mizuho
01/30/23 Barclays
Eastman Chemical price target raised to $87 from $82 at Barclays
01/30/23 Wells Fargo
Eastman Chemical price target raised to $95 from $80 at Wells Fargo
01/30/23 Scotiabank
Eastman Chemical downgraded to Sector Perform from Outperform at Scotiabank
EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

Recommendations
Eastman Chemical price target lowered to $82 from $85 at Mizuho » 06:58
01/30/23
01/30
06:58
01/30/23
06:58
EMN

Eastman Chemical

$86.79 /

-5.065 (-5.51%)

Mizuho analyst Kieran de…

Mizuho analyst Kieran de Brun lowered the firm's price target on Eastman Chemical to $82 from $85 and keeps a Neutral rating on the shares. The analyst expects de-stocking to be prevalent in Q1 and weaker end-market demand to remain throughout 2023.

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EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

01/30/23 Barclays
Eastman Chemical price target raised to $87 from $82 at Barclays
01/30/23 Wells Fargo
Eastman Chemical price target raised to $95 from $80 at Wells Fargo
01/30/23 Scotiabank
Eastman Chemical downgraded to Sector Perform from Outperform at Scotiabank
01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

Recommendations
Eastman Chemical price target raised to $87 from $82 at Barclays » 06:47
01/30/23
01/30
06:47
01/30/23
06:47
EMN

Eastman Chemical

$86.79 /

-5.065 (-5.51%)

Barclays analyst Michael…

Barclays analyst Michael Leithead raised the firm's price target on Eastman Chemical to $87 from $82 and keeps an Equal Weight rating on the shares following the Q4 results.

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EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

01/30/23 Wells Fargo
Eastman Chemical price target raised to $95 from $80 at Wells Fargo
01/30/23 Scotiabank
Eastman Chemical downgraded to Sector Perform from Outperform at Scotiabank
01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

Recommendations
Eastman Chemical price target raised to $95 from $80 at Wells Fargo » 06:46
01/30/23
01/30
06:46
01/30/23
06:46
EMN

Eastman Chemical

/

+

Wells Fargo analyst…

Wells Fargo analyst Michael Sison raised the price target on Eastman Chemical to $95 from $80 and keeps an Equal Weight rating on the shares. While Eastman Chemical's buildout of its circularity footprint remains on track, the firm expects shares to be driven more by near-term results, where Q1 guidance was weak and the full year guidance looks challenging.

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EMN Eastman Chemical
/

+

EMN Eastman Chemical
/

+

01/30/23 Scotiabank
Eastman Chemical downgraded to Sector Perform from Outperform at Scotiabank
01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
EMN Eastman Chemical
/

+

EMN Eastman Chemical
/

+

Downgrade
Eastman Chemical downgraded to Sector Perform from Outperform at Scotiabank » 06:10
01/30/23
01/30
06:10
01/30/23
06:10
EMN

Eastman Chemical

$86.79 /

-5.065 (-5.51%)

Scotiabank analyst Ben…

Scotiabank analyst Ben Isaacson downgraded Eastman Chemical to Sector Perform from Outperform with a price target of $90, down from $100.

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EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
01/04/23 UBS
Eastman Chemical price target raised to $108 from $96 at UBS
EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

EMN Eastman Chemical
$86.79 /

-5.065 (-5.51%)

Earnings
Eastman Chemical sees growing adjusted 2023 EPS by 5%-15% » 16:19
01/26/23
01/26
16:19
01/26/23
16:19
EMN

Eastman Chemical

$91.75 /

+1.02 (+1.12%)

Commenting on the outlook…

Commenting on the outlook for full-year 2023, Mark Costa, Board Chair and CEO, said: "We enter 2023 during a challenging period for the global economy characterized by significant inventory destocking, soft end-market demand, and uncertainty about the full year. As we developed our outlook, we included volume/mix expectations that reflect a manufacturing recession scenario that began in the fourth quarter. We expect aggressive inventory destocking to predominantly conclude in the first quarter with modest volume recovery in the back half of the year. In this context, we are taking actions to reduce manufacturing, supply chain and non-manufacturing costs by a total of more than $200 million in 2023, net of inflation. We intend to maintain our demonstrated price discipline in our specialty product lines in order to recover spreads. Our raw material, energy and distribution costs increased by approximately $1.3 billion in 2022 and we expect these costs to moderate in 2023. We also expect significant improvement in our Fibers earnings to more sustainable levels. And our innovation wins will create growth above end markets through the year. Pension and other post-employment benefits costs are expected to increase by approximately $110 million and the annualized impact of a strong U.S. dollar is also expected to be a headwind. Based on this economic scenario and the actions that we are taking, we expect to grow adjusted 2023 EPS by between 5 and 15 percent, excluding the approximately $0.75 pension headwind. We are also taking a range of actions to improve our operating cash flow to be approximately $1.4 billion."

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EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
01/04/23 UBS
Eastman Chemical price target raised to $108 from $96 at UBS
EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

Earnings
Eastman Chemical reports Q4 adjusted EPS 89c, consensus $1.26 » 16:18
01/26/23
01/26
16:18
01/26/23
16:18
EMN

Eastman Chemical

$91.75 /

+1.02 (+1.12%)

Reports Q4 revenue…

Reports Q4 revenue $2.37B, consensus $2.44B. "We ended the year with a challenging fourth quarter primarily due to lower demand in key end markets and geographies, customer inventory destocking beyond normal seasonality, and limited benefit from lower raw material and energy costs in this reduced demand environment. Despite the significant challenges in the fourth quarter and throughout the year, we demonstrated commercial excellence in our pricing, made progress on new business revenue growth, and returned significant cash to shareholders. We also made significant progress on our circular platform during the year, and this remains an exciting opportunity for Eastman to create considerable value as a leader in providing a solution for the global plastic waste crisis. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward," said Mark Costa, Board Chair and CEO. "In fourth quarter, primary demand slowed, destocking accelerated across all end markets, and the rapid spread of COVID-19 in China weakened demand at the end of the fourth quarter, adjusted EPS included a negative impact of approximately $0.20 from foreign currency exchange rates, and adjusted EPS included a negative impact of approximately $0.15 resulting from Winter Storm Elliott, Controllable actions give confidence we can deliver a strong 2023, including cost reductions of more than $200 million net of inflation," the company stated.

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EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

01/16/23 Deutsche Bank
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank
01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
01/04/23 UBS
Eastman Chemical price target raised to $108 from $96 at UBS
EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

EMN Eastman Chemical
$91.75 /

+1.02 (+1.12%)

Downgrade
Eastman Chemical downgraded to Hold from Buy at Deutsche Bank » 14:16
01/16/23
01/16
14:16
01/16/23
14:16
EMN

Eastman Chemical

$91.41 /

+0.16 (+0.18%)

Deutsche Bank analyst…

Deutsche Bank analyst David Begleiter downgraded Eastman Chemical to Hold from Buy with a price target of $96, up from $90, in conjunction with his December quarter earnings preview. Eastman has had strong absolute and relative share price performance, with shares up 12% year-to-date and 29% since late September, noted Begleiter. He believes Eastman's exposures to building and construction and consumer markets, coupled with uncertainty around potential recessions in the U.S. and Europe, will drive management to provide cautious guidance when the company reports Q4 results in January, Begleiter tells investors.

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EMN Eastman Chemical
$91.41 /

+0.16 (+0.18%)

EMN Eastman Chemical
$91.41 /

+0.16 (+0.18%)

01/11/23
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals
01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
01/04/23 UBS
Eastman Chemical price target raised to $108 from $96 at UBS
12/15/22 Citi
Eastman Chemical price target raised to $90 from $75 at Citi
EMN Eastman Chemical
$91.41 /

+0.16 (+0.18%)

EMN Eastman Chemical
$91.41 /

+0.16 (+0.18%)

Recommendations
BofA shakes up ratings to get 'more offensive' in U.S. Chemicals » 06:45
01/11/23
01/11
06:45
01/11/23
06:45
CC

Chemours

$32.01 /

-0.565 (-1.73%)

, EMN

Eastman Chemical

$89.65 /

+1.06 (+1.20%)

, LTHM

Livent

$20.77 /

-0.03 (-0.14%)

, DOW

Dow Inc.

$56.48 /

+1.185 (+2.14%)

, CTVA

Corteva

$61.76 /

+0.645 (+1.06%)

, UNVR

Univar

$32.52 /

+0.325 (+1.01%)

, IFF

IFF

$115.97 /

+4.62 (+4.15%)

BofA analysts Matthew…

BofA analysts Matthew DeYoe and Steve Byrne are shaking up their ratings in the U.S. Chemicals space to take a "more offensive stance," while refraining from going "all in" on risk assets until they see more confirmation from macro and commodity markets, they tell investors in a sector note. In that context, the team upgraded Chemours (CC) and Eastman Chemical (EMN) to Buy from Neutral, double upgraded Livent (LTHM) to Buy from Underperform, and raised both Dow Inc. (DOW) and Corteva (CTVA) to Neutral from Underperform. Meanwhile, to keep at least 20% of their coverage at Underperform, they downgraded Univar (UNVR) to Underperform from Buy and also double downgraded IFF (IFF) to Underperform.

ShowHide Related Items >><<
UNVR Univar
$32.52 /

+0.325 (+1.01%)

LTHM Livent
$20.77 /

-0.03 (-0.14%)

IFF IFF
$115.97 /

+4.62 (+4.15%)

EMN Eastman Chemical
$89.65 /

+1.06 (+1.20%)

DOW Dow Inc.
$56.48 /

+1.185 (+2.14%)

CTVA Corteva
$61.76 /

+0.645 (+1.06%)

CC Chemours
$32.01 /

-0.565 (-1.73%)

CC Chemours
$32.01 /

-0.565 (-1.73%)

01/11/23 BofA
Chemours upgraded to Buy from Neutral at BofA
01/10/23 RBC Capital
Chemours downgraded to Sector Perform from Outperform at RBC Capital
12/15/22 Citi
Chemours price target raised to $33 from $30 at Citi
11/01/22 Credit Suisse
Chemours initiated with an Underperform at Credit Suisse
EMN Eastman Chemical
$89.65 /

+1.06 (+1.20%)

01/11/23 BofA
Eastman Chemical upgraded to Buy from Neutral at BofA
01/04/23 UBS
Eastman Chemical price target raised to $108 from $96 at UBS
12/15/22 Citi
Eastman Chemical price target raised to $90 from $75 at Citi
11/08/22 Tudor Pickering
Eastman Chemical upgraded to Buy from Hold at Tudor Pickering
LTHM Livent
$20.77 /

-0.03 (-0.14%)

01/11/23 BofA
Livent upgraded to Buy from Underperform at BofA
01/10/23 Deutsche Bank
Livent price target lowered to $22 from $30 at Deutsche Bank
01/04/23 Vertical Research
Livent upgraded to Buy from Hold at Vertical Research
12/15/22 Citi
Livent price target lowered to $27 from $31 at Citi
DOW Dow Inc.
$56.48 /

+1.185 (+2.14%)

01/11/23 BofA
Dow Inc. upgraded to Neutral from Underperform at BofA
12/15/22 Citi
Dow Inc. price target raised to $56 from $47 at Citi
10/21/22 Fermium Research
Dow Inc. price target lowered to $50 from $60 at Fermium Research
10/21/22 Citi
Dow Inc. price target raised to $47 from $45 at Citi
CTVA Corteva
$61.76 /

+0.645 (+1.06%)

01/11/23 BofA
Corteva upgraded to Neutral from Underperform at BofA
11/17/22 Barclays
Corteva price target raised to $75 from $71 at Barclays
11/15/22 UBS
Corteva downgraded to Neutral from Buy at UBS
11/15/22 Loop Capital
Corteva downgraded to Hold from Buy at Loop Capital
UNVR Univar
$32.52 /

+0.325 (+1.01%)

01/11/23 BofA
Univar downgraded to Underperform from Buy at BofA
01/03/23 Oddo BHF
Brenntag upgraded to Outperform from Neutral at Oddo BHF
11/29/22 Deutsche Bank
Univar buyout could bring 'substantial upside,' says Deutsche Bank
11/29/22 Citi
Brenntag downgraded to Neutral from Buy at Citi
IFF IFF
$115.97 /

+4.62 (+4.15%)

01/11/23 BofA
IFF downgraded to Underperform from Buy at BofA
12/15/22 Citi
IFF price target raised to $114 from $100 at Citi
12/12/22 Barclays
IFF price target raised to $89 from $83 at Barclays
12/08/22 Wells Fargo
IFF price target raised to $123 from $105 at Wells Fargo
UNVR Univar
$32.52 /

+0.325 (+1.01%)

LTHM Livent
$20.77 /

-0.03 (-0.14%)

IFF IFF
$115.97 /

+4.62 (+4.15%)

EMN Eastman Chemical
$89.65 /

+1.06 (+1.20%)

DOW Dow Inc.
$56.48 /

+1.185 (+2.14%)

CTVA Corteva
$61.76 /

+0.645 (+1.06%)

CC Chemours
$32.01 /

-0.565 (-1.73%)

UNVR Univar
$32.52 /

+0.325 (+1.01%)

LTHM Livent
$20.77 /

-0.03 (-0.14%)

EMN Eastman Chemical
$89.65 /

+1.06 (+1.20%)

DOW Dow Inc.
$56.48 /

+1.185 (+2.14%)

CTVA Corteva
$61.76 /

+0.645 (+1.06%)

CC Chemours
$32.01 /

-0.565 (-1.73%)

LTHM Livent
$20.77 /

-0.03 (-0.14%)

DOW Dow Inc.
$56.48 /

+1.185 (+2.14%)

CTVA Corteva
$61.76 /

+0.645 (+1.06%)

CC Chemours
$32.01 /

-0.565 (-1.73%)

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