UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Eastman Chemical Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on Eastman Chemical Company

, and raised its price target from $61.00 to $71.00. Jefferies noted, “With NGL prices falling faster than expected, we are raising 2013E EPS $0.30 to $6.45 to reflect $0.33/gal ethane and $0.95/gal propane. Falling feedstock costs should insulate Eastman to some extent from weaker demand prospects in 1H13 (deceleration in the EU, increasing consumer risk aversion in the US, destocking in Latin America). Raising our price target $10 to $71. Maintain Hold.” Eastman Chemical Company closed on Thursday at $68.88.