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Eastman Chemical (EMN)
Eastman Chemical Company (EMN - Analyst Report) is engaged in the manufacture and sale of chemicals, plastics and fibers. Based in Kingsport, Tennessee, the company has 12 manufacturing sites in the U.S., Europe and Asia-Pacific.
Eastman is witnessing rising raw material prices and a declining demand for its products. The company reported a 98% drop in earnings in the first quarter of 2009 driven by lower prices and volumes. Sales were considerably down in all the major segments.
Lack of free cash flow, PET capacity increases coupled with slowing growth, and PET industry overcapacity force us to rate the stock a Sell with a target of $24.50.
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| Market Summary | Nov 26, 2009 11:04 am ET |
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