According to Goldman Sachs, Eastman Chemical EMN is upgraded to Buy.
Goldman Sachs said that it upgrades EMN to Buy from Sell. “Our new price 12-month target of $63 (from $42) is based on a forward P/E multiple of 11X our updated 2013 EPS estimate of $5.69. Previously we were applying an EV/EBITDA multiple of 5.4X our 2012 estimate. We are moving to a P/E approach since we believe it is more comparable to peers.”
Eastman Chemical closed yesterday at $52.20.
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