24 September 2010 15:56 [Source: ICIS news]
TORONTO (ICIS)--Eastman Chemical should see continued earnings growth following an “impressive 2010” with gains being realised across the company, analysts at US investment firm Dahlman Rose said on Friday.
Also, Eastman’s potential divestment of its PET business by end 2010 would reduce the company’s earnings volatility, the analysts said in a research note.
Dahlman raised its earnings per share projections for Eastman’s third and fourth quarters by 31 cents to $2.10 and 30 cents to $1.56, respectively, it said.
For the full 12 months of 2010, Dahlman’s earnings per share forecast for Eastman was $7.08, up from an earlier projection of $6.47.
For 2011, the analysts expected the chemical producer to generate earnings per share of $7.30, up from their previous forecast of $6.59, they said.
Last week, Eastman raised its third-quarter and full-year 2010 earnings guidance, citing of solid selling prices, high industry capacity utilisation rates and a weaker-than-expected seasonal decline in sales volumes.
Dahlman has a “buy” rating on Eastman’s shares, with a price target of $80. Eastman’s shares were up 1.93% at $72.43 in ?xml:namespace>
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|