KeyBanc Initiates Coverage of Eastman Chemical (EMN)

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KeyBanc reported on Tuesday that they have initiated coverage of global chemical company, Eastman Chemical Company( EMN ).

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 ( EMN ) 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( EMN ) 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 .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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