Eastman Chemical's (EMN) PRT Project Pulled Forward Increasing Likelihood For EPS Momentum - Jefferies

Jefferies analyst Lawrence Alexander reiterated a Buy rating and $150.00 price target on Eastman Chemical (NYSE: EMN) after the company announced the EU molecular recycling (PRT) project, earlier than expected, putting it on track for processing >0.25m tpy of plastic waste by 2025-2026.

The analyst stated "Eastman announced a plan to invest up to $1bn in a plastic recycling facility that can process up to 160,000 tpy of waste. Production should ramp up in 2025. The project will include units for pre-processing mixed plastic waste, a methanolysis depolymerization unit, and polymer production lines. LOIs for off-take agreements have already been signed with a half-dozen consumer brands representing ~$200bn in annual sales." He went on to comment "If a new US project is announced this year, accelerating EPS momentum over the next 5 years should become the base case."

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

Shares of Eastman Chemical closed at $127.54 yesterday.

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