UBS analyst John Roberts reiterated a Buy rating and boosted his price target on Eastman Chemical (NYSE: EMN) to $89.00 (from $88.00) following the company's Q2 beat.

Roberts commented, "Despite FX headwinds and unfavourable propane hedges, EMN reported strong 2Q results on lower raw material/energy costs that outpaced lower selling prices as well as improved mix. The delta versus our estimate was primarily due to a significant beat in Advanced Materials which benefited from higher volume, improved mix and acquisitions. Despite the $0.15 2Q upside, we're raising our 2015 EPS estimates by just $0.10 because of lower oil prices and macroeconomic concerns in China. Management has previously noted that each $15/bl swing in oil prices impacts annual EPS by ~$0.20. Given the strong 1H performance, management stands behind prior guidance for solid growth this year vs 2014."

The firm lifted FY 2015 EPS from $7.35 to $7.45.

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 $72.11 yesterday.