Goldman Sachs Group Inc. Downgrades Eastman Chemical to Neutral (EMN)
Eastman Chemical (NYSE:EMN) was downgraded by research analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a report released on Friday, TheFlyOnTheWall.com reports. They currently have a $89.00 price target on the stock, down from their previous price target of $93.00. Goldman Sachs Group Inc.’s price objective points to a potential upside of 14.19% from the stock’s previous close.
A number of other analysts have also recently weighed in on EMN. Analysts at Cowen and Company raised their price target on shares of Eastman Chemical from $75.00 to $88.00 in a research note to investors on Thursday, September 5th. They now have an “outperform” rating on the stock. Separately, analysts at Oppenheimer raised their price target on shares of Eastman Chemical from $75.00 to $88.00 in a research note to investors on Thursday, September 5th. They now have an “outperform” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Eastman Chemical from $79.00 to $84.00 in a research note to investors on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $85.07.
Shares of Eastman Chemical (NYSE:EMN) traded down 5.16% on Friday, hitting $77.94. The stock had a trading volume of 7,580,012 shares. Eastman Chemical has a 52 week low of $52.93 and a 52 week high of $82.91. The stock’s 50-day moving average is $78.45 and its 200-day moving average is $72.65. The company has a market cap of $12.017 billion and a P/E ratio of 21.12.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Friday, October 25th. The company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.04. The company had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts expect that Eastman Chemical will post $6.48 EPS for the current fiscal year.
Eastman Chemical Company (NYSE:EMN) is a global specialty chemicals company that produces a range of advanced materials, chemicals and fibers that are found in products people use every day.
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