Eastman Chemical (EMN) shares were down more than 20% in recent Friday trading after UBS and Mizuho cut their price targets on the stock, following the company's Q2 results that missed market expectations..

UBS lowered its price target to $86 from $101 while maintaining a buy rating.

"We see no way around having a negative view on the quarter and outlook for 2H. [Q2] missed a lower bar (7% below consensus), and [Q3] guided at $1.25 is 35% below consensus," UBS Securities said in a note.

Additionally, Mizuho Securities trimmed its target to $80 from $92 and kept an outperform rating.

Eastman reported adjusted Q2 earnings of $1.60 per share, down from $2.15 a year earlier and below the $1.73 consensus. Revenue slipped to $2.29 billion from $2.36 billion, missing estimates for $2.3 billion.

Price: 57.80, Change: -14.81, Percent Change: -20.40