Eastman Chemical downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Eastman Chemical (EMN) to Equal Weight from Overweight with an unchanged price target of $70. The firm downgraded four names in the chemicals space, saying its channel checks suggest “trough-like conditions” could persist in the first half of 2026. Headwinds facing the group include a “muted” recovery in China as well as slow housing markets in the U.S. and Europe, the analyst tells investors in a research note. Wells believes interest rate cuts could help growth, but says catalysts to drive valuation recoveries in chemical stocks is likely quarters away.