Eastman Chemical (EMN – Research Report), the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Sison from Wells Fargo maintained a Buy rating on the stock and has a $90.00 price target.
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Michael Sison has given his Buy rating due to a combination of factors influencing Eastman Chemical’s current and future prospects. Despite the Department of Energy’s decision to cancel funding for the Longview project, which is a setback for Eastman’s circular strategy, the company has multiple options to move forward. The flexibility in managing the project’s future, along with the absence of significant outstanding commitments, provides Eastman with opportunities to maintain its strategic goals.
Additionally, Eastman Chemical is experiencing positive momentum in its specialties segment, which is expected to contribute positively to its earnings. Although there are challenges in the intermediates environment, the company’s advanced materials and additives segments are showing promising trends. These factors, combined with the company’s ability to adapt to changing circumstances, support the Buy rating as Eastman Chemical continues to navigate its strategic path effectively.
According to TipRanks, Sison is an analyst with an average return of -1.5% and a 42.68% success rate. Sison covers the Basic Materials sector, focusing on stocks such as Ashland, Huntsman, and LyondellBasell.
In another report released on May 30, Morgan Stanley also maintained a Buy rating on the stock with a $115.00 price target.