Morgan Stanley Initiates EMN At Overweight

Morgan Stanley is initiating coverage of Eastman Chemical Company EMN at Overweight. The stock is being added to Morgan Stanley's Best Ideas list. “We expect consensus forecasts to rise 10-20% in the near term,” Morgan Stanley writes. “Also, we believe Eastman's re-balancing of its portfolio has created a higher-quality business with better returns, which will result in significant multiple expansion. “EMN's analyst meeting on March 1 is the catalyst we think will drive consensus upgrades and mark the start of the re-rating. Our $110 price target suggests 25% upside potential.” Eastman Chemical currently trades at $91.47.