J.P. Morgan Raises EPS and Price Target on Eastman Chemical Company (EMN)

J.P. Morgan has published a report on Eastman Chemical Company EMN, raising its estimates from $8.00 to $9.50 in 2011, and from $8.20 to $9.00 in 2012. Its price target has increased from $105.00 to $120.00. In the report, J.P. Morgan writes, “Propylene prices have been on a tear, moving from $0.50 in 4Q:10 to an average of $0.75 in 1Q:11 to a rough average of $0.90 in 2Q:11. These positive fluctuations are large factors behind the recent surge in Eastman's earnings. The company is also a large producer of ethylene and ethylene glycol, whose margins have also widened for producers with ethane/propane feedstocks as the high price of oil in tandem with production outages has set product prices.” Eastman Chemical Company is currently trading at $105.95.