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Add as a preferred source on GoogleJ.P. Morgan Cuts Eastman Chemical to Neutral, Lowers Target to $66
The bank cited less favorable commodity spreads as propane prices rose while propylene and ethylene prices fell. Eastman shares declined 2.6% on Oct. 16.
Eastman Chemical Company (EMN) shares fell 2.6% Friday, Oct. 16, after J.P. Morgan cut its rating to Neutral and lowered its price target to $66 from $82 amid weaker commodity spreads.
J.P. Morgan moved Eastman’s rating down from Overweight to Neutral. The bank cited rising propane prices alongside falling prices for propylene and ethylene, a mix it said had made commodity spreads less favorable.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.