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Fintel reports that on May 23, 2024, UBS upgraded their outlook for Eastman Chemical (NYSE:EMN) from Neutral to Buy.

Analyst Price Forecast Suggests 10.96% Upside

As of May 22, 2024, the average one-year price target for Eastman Chemical is 110.32. The forecasts range from a low of 94.94 to a high of $131.25. The average price target represents an increase of 10.96% from its latest reported closing price of 99.42.

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The projected annual revenue for Eastman Chemical is 10,813MM, an increase of 18.72%. The projected annual non-GAAP EPS is 9.44.

What is the Fund Sentiment?

There are 1,362 funds or institutions reporting positions in Eastman Chemical. This is an increase of 36 owner(s) or 2.71% in the last quarter. Average portfolio weight of all funds dedicated to EMN is 0.16%, an increase of 5.27%. Total shares owned by institutions increased in the last three months by 6.80% to 121,091K shares.

The put/call ratio of EMN is 0.23, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital Research Global Investors holds 4,511K shares representing 3.84% ownership of the company. In its prior filing, the firm reported owning 602K shares , representing an increase of 86.66%. The firm increased its portfolio allocation in EMN by 669.35% over the last quarter.

Franklin Resources holds 4,479K shares representing 3.81% ownership of the company. In its prior filing, the firm reported owning 15K shares , representing an increase of 99.67%. The firm increased its portfolio allocation in EMN by 3,802.46% over the last quarter.

Putnam Investments holds 4,355K shares representing 3.70% ownership of the company. In its prior filing, the firm reported owning 4,187K shares , representing an increase of 3.86%. The firm increased its portfolio allocation in EMN by 5.77% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,720K shares representing 3.16% ownership of the company. In its prior filing, the firm reported owning 3,707K shares , representing an increase of 0.35%. The firm increased its portfolio allocation in EMN by 4.99% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 2,895K shares representing 2.46% ownership of the company. In its prior filing, the firm reported owning 2,849K shares , representing an increase of 1.59%. The firm increased its portfolio allocation in EMN by 5.08% over the last quarter.

Eastman Chemical Background Information
(This description is provided by the company.)

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world- class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA.

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This story originally appeared on Fintel.

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