Eastman Chemical price target raised to $79 from $74 at BofA

BofA raised the firm’s price target on Eastman Chemical (EMN) to $79 from $74 and keeps a Buy rating on the shares. Despite a Q4 operating earnings miss and “soft” Q1 guidance, Eastman’s shares outperformed peers on Friday, which the firm views as driven by the perception that Eastman’s headwinds are cyclical, not structural and the appeal of its “decent balance sheet and free cash flow that can organically cover the dividend,” adding that it shares this view.