Dahlman Rose Raises PT On Eastman Chemical Company To $105

Dahlman Rose has published a research report on Eastman Chemical Company EMN after attending the company's investor day. In the report, Dahlman Rose writes "We came away from Eastman's Investor Day more comfortable in our belief that the company can sustainably grow its earnings by building on its existing portfolio and diversifying geographically and into higher growth end markets. The company expects earnings growth to be more than 10% through 2013 and believes earnings should approach $8/share in 2011 and $10/share in 2013. While we are marginally concerned about Eastman's higher capital expenditure program that is increasing to ~$450 MM versus $243 MM in 2010, we believe the company's capacity growth in specialty plastics and fibers are well supported by an improved demand profile." Dahlman Rose maintains its Buy rating and has raised the price target from $88 to $105. Eastman Chemical Company closed yesterday at $91.13.