Wells Fargo Downgrades Solutia (SOA) to Market Perform; Eastman Chemical (EMN) Offer Solid

Wells Fargo downgraded Solutia (NYSE: SOA) from Outperform to Market Perform, price target range raised to $27-$28 from $20-22.

Wells analyst says, "We are downgrading our rating on SOA shares reflecting full valuation post the Eastman Chemical (NYSE: EMN) acquisition news. With the shares now trading above our previous valuation range, at nearly 8x our 2012 EBITDA estimate, and with the likelihood of another competing bid unlikely, in our view, we find further appreciation potential limited."

For an analyst ratings summary and ratings history on Solutia click here. For more ratings news on Solutia click here.

Shares of Solutia closed at $27.52 yesterday, with a 52 week range of $11.27-$27.89.

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