Citi Reiterates Hold Rating on Eastman Chemical

Citi has published a report on Eastman Chemical Company EMN reiterating their Hold rating on the chemical producer. In the report Citi wrote, "Operating Income Slightly Below Our Expectations — Eastman reported a record 2Q EPS of $2.76, above consensus of $2.64, but included benefits from a lower tax rate and other income totaling 16¢. Operational results missed our EBIT forecast by $15mm due to weakness in CASPI and PCI, partially offset by strength in Fibers and Specialty Plastics. The propylene-to-propane spread has narrowed lately due to lower propylene prices. The company also saw some weak demand for oxo-alcohols and solvents in Asia." Citi rated Eastman Chemical Company a High Risk HOLD with a price target of $112.00. Eastman Chemical Company closed Friday at $96.59.