UPDATE: Gilford Securities Downgrades Eastman Chemical to Hold

In a report published Monday, Gilford Securities downgraded its rating on Eastman Chemical EMN from Buy to Hold. Gilford Securities noted, “At legacy Eastman, the propylene/propane spread was quite favorable in 1H12, and ex-Fibers the company generally shows a seasonal year-end downturn, frequently steeper than expected. Specialty Plastics is dealing with a durable goods downturn and a rebounding cost of paraxylene to $1500-$1600/mt, pressuring copolyesters.” Eastman Chemical closed on Friday at $58.32.