KeyBanc reported on Tuesday that they have initiated coverage of
global chemical company, Eastman Chemical Company(
The firm has begun coverage of EMN with a "Buy" rating, and a
price target of $74. This price target suggests a 20% increase over
the stock's current price of $59.25.
An analyst from the firm noted, "we continue to favor investment
stories within the chemical sector that have made meaningful
portfolio changes over the years to move into more "specialty
businesses," supporting steady earnings growth and improved margins
profiles. We believe a series of acquisitions and divestitures have
positioned EMN to post steadier earnings growth through 2015E. We
see a good finish to 2012E and EMN's Investor Day on December 12,
2012 as near-term catalysts for the stock as the long-term growth
potential for the new EMN is unveiled."
Eastman Chemical shares were mostly flat during premarket
trading Tuesday. The stock is up 51.69% YTD.
The Bottom Line
Shares of Eastman Chemical (
) have a 1.76% dividend yield, based on last night's closing stock
price of $59.25. The stock has technical support in the $55 price
area. The stock is trading near the all-time high price level of
$61-$62 a share.
Eastman Chemical Company(
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
Created by Dividend.com