Eastman Chemical (EMN) PT Raised to $105 at Piper Sandler

Piper Sandler analyst Charles Neivert raised the price target on Eastman Chemical (NYSE: EMN) to $105.00 (from $90.00) while maintaining a Neutral rating.

The analyst commented, "We have updated our estimates and model for EMN based on the release of 1Q24 results and updated guidance for the remainder of the year. As a result of better-than-expected 1Q earnings and a somewhat more robust outlook for the industry and the end markets EMN is tied to, we are raising out PT to $105 (prior $90). In addition, we have also increased our EBITDA estimates for both 2024 and 2025, albeit modestly. Valuation is based on a 2025E EV/EBITDA multiple of 8.7x (prior 8.0x). The shift is based on our earnings
estimate for 2025 moving closer to what we believe are midcycle levels."

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