Gilford Securities Reiterates Buy Rating on Eastman Chemical (EMN)

Gilford Securities is out with a research report this afternoon, where it reiterates its Buy rating on Eastman Chemical EMN; it has a $59.00 price target on the stock. The GS analysts recently upgraded the name to Buy fro Hold and shares have since propelled higher due to successive estimate and guidance increases in the past five months. The analysts reiterated their Buy for two reasons: First, the process of rising earnings expectations may not be over and, second, valuation continues to improve. They noted that an expanding P/E is justified today by the emergence of the first real growth business, Specialty Plastics, since the company came public seventeen years ago.