Eastman Chemical price target lowered to $71 from $74 at RBC Capital

RBC Capital lowered the firm’s price target on Eastman Chemical (EMN) to $71 from $74 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for Chemicals companies. Recent conversations with the industry’s Investor Relations teams have generally indicated that demand has remained somewhat tepid through Q3, the analyst tells investors in a research note. Building and Construction activity has been somewhat muted, and while rate cuts could help, a weak job market remains a headwind to new home starts and existing turnover, RBC added. Demand for consumer durables also has yet to see a material recovery, the firm states.