Dahlman Rose Raises PT on Eastman Chemical Co. to $105 (NYSE: EMN)

Dahlman Rose is out with its report on Eastman Chemical Co. EMN, raising its PT from $88 to $105. In a note to clients, Dahlman Rose writes, "Given a stronger economic outlook, capacity additions, improved margin profile, lower interest charges, and reduced share count, we are raising our 2011 earnings estimate to $8.01 (prior $7.35) and have introduced our 2012 earnings at $8.88, implying 11% year over year earnings growth. We have maintained our Buy rating and have raised our price target to $105 (prior $88) based on a forward P/E and EBITDA multiple of ~12x and ~7x, which are generally at the lower end of the performance chemical peer group averages." Shares of EMN closed Tuesday at $91.13.