Eastman Chemical price target lowered to $99 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on Eastman Chemical (EMN) to $99 from $105 and keeps a Neutral rating on the shares. The tariffs instituted by the U.S. and the likely retaliation and peripheral economic fallout from those tariffs have the potential to create long-lasting complications for the U.S. chemical industry, which is built on the significant advantage of ethane-based chemical production and exports as a means of growing volume and revenues in an otherwise low-growth U.S. market. Piper cautions that retaliation will likely ultimately not be helpful for foreign producers either.