Eastman Chemical (EMN) is facing challenging macro conditions and slower-than-expected uptake from its first recycling facility, said Morgan Stanley in a note emailed Tuesday.
"We are not modeling anything incremental beyond the first plant and no longer including any future recycling earnings power [beyond plant 1] in our base case valuation analysis/price target," analysts said.
Morgan Stanley cut its estimate for Eastman Chemical's 2025 earnings per share to $6.00 from $7.12, noting that the company's H1 saw higher production levels and H2 is likely to be negatively impacted by slower production.
The investment firm attributed its lower estimates and price target for the company to the delay of its second molecular recycling facility by at least two years and its need to cut inventory in H2 due to challenging demand conditions.
Morgan Stanley lowered its price target on Eastman Chemical to $73 from $115, while maintaining its overweight rating.
Price: 61.15, Change: +0.37, Percent Change: +0.60
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