Eastman Chemical (EMN) PT Raised to $115 at Deutsche Bank Following Investor Meeting
Deutsche Bank raised its price target on Eastman Chemical (NYSE: EMN) to $115.00 (from $112.00) while maintaining a Buy rating following an investor meeting. The company made a strong case for its transformation from a diversified chemical company to a specialty company.
At the meeting Eastman reaffirmed its long-term EPS growth target of 8-12%, guided EBITDA margins to increase from their current 23% driven by mix and announced a new $2B share buyback program with a commitment to complete it over 3 years absent M&A.