BofA/Merrill Lynch analyst Kevin McCarthy reiterated a Buy rating and $95 price target on Eastman Chemical (NYSE: EMN) following Q3 results with modest upside on the top and bottom-line and guidance to the high end.

The analyst notes management continues to transform Eastman into more of a specialty chemicals company, "Management continues to transform Eastman into more of a specialty chemicals company," he said. He is also attracted to the strong FCF generation (2015 FCF yield 8.2%).

The price target of based on a 12.9x mutlipe to the firm's 2015 EPS estimate of $7.35.

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Shares of Eastman Chemical closed at $75.77 yesterday.