Citi Downgrades Eastman Chemical (EMN) to Hold, Removes From Recommended List
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Citi downgrades Eastman Chemical (NYSE: EMN) from Buy to Hold, removes stock from Recommended List. Price target $65.
Citi analyst says, "Since July 2003, management has undertaken positive changes at Eastman through aggressive restructuring of the businesses and the board. This includes (i) IntegRex PET technology, (ii) New product launches in Specialty Plastics, (iii) Base businesses like CASPI, Fibers and Intermediate products providing stability to core earnings. However, we feel most of the restructuring is already reflected in the stock price, and building macro headwinds combined with significant raw material pressure should weigh on margins."
Eastman Chemical Company (Eastman) is a global chemical company, which manufactures and sells a portfolio of chemicals, plastics, and fibers. Eastman has thirteen manufacturing sites in eight countries that supply chemicals, plastics, and fibers products to customers worldwide.
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