We have upgraded our long-term recommendation
for Eastman Chemical Company (EMN), a manufacturer of
chemicals, plastics and fiber, to Outperform with a
target price of $60.00.
Eastman stands to benefit
from its business restructuring and cost-cutting
measures, which are expected to result in cost
savings of more than $200 million for the full year
2009.
The company’s recent quarterly earnings were
ahead of the Zacks Consensus and earlier guidance.
For the full-year 2009, the company is now guiding
towards earnings to be at the higher end of a $2.00
$3.00 range.Zacks Investment Research
