In a report released today, Vincent Andrews from Morgan Stanley maintained a Buy rating on Eastman Chemical (EMN), with a price target of $70.00. The company’s shares closed last Monday at $46.47.
According to TipRanks.com, Andrews is a 2-star analyst with an average return of -2.9% and a 61.1% success rate. Andrews covers the Consumer Goods sector, focusing on stocks such as Air Products and Chemicals, Archer Daniels Midland, and Axalta Coating Systems.
Currently, the analyst consensus on Eastman Chemical is a Moderate Buy with an average price target of $62.67, a 39.1% upside from current levels. In a report issued on March 18, Scotiabank also initiated coverage with a Buy rating on the stock with a $73.00 price target.
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Eastman Chemical’s market cap is currently $6.32B and has a P/E ratio of 8.50. The company has a Price to Book ratio of -13.05.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EMN in relation to earlier this year.
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Eastman Chemical Co. engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets. The Advanced Materials segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets. The Chemical Intermediates segment consists of large scale and vertical integration from the cellulose and acetyl, olefins, and alkylamines streams to support operating segments with advantaged cost positions. The Fiber segment offers cellulose acetate tow for use in filtration media, primarily cigarette filters. The company was founded by George Eastman in 1920 and is headquartered in Kingsport, TN.
