Wells Fargo Adds Eastman Chemical (EMN) To The Priority List; Attractive Buying Opportunity

Wells Fargo reiterates an 'Outperform' on Eastman Chemical (NYSE: EMN) price target range of $120-$125.

Wells analyst says, "We Are Adding EMN To The Priority List as we believe the shares, trading at under 4.5x our 2012 EBITDA estimates, present an attractive buying opportunity. Having fallen 11% YTD vs. an approximately 5% decline for the broader chemical index and the S&P 500, we believe the sell-off in EMN shares in the name of de-risking is overdone. The current stock price appears to be factoring in a 15% earnings decline in 2012 from LTM results – a scenario we find to be overly cautious given the stable filter tow business, favorable olefin spreads, and a robust balance sheet."

For more ratings news on Eastman Chemical click here and for the rating history of Eastman Chemical click here.

Shares of Eastman Chemical closed at $73.19 yesterday.

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