Near Term Likely Solid, But There Are Few Signs Of Cyclical Rebound

研报英文原文证据摘录

Near Term Likely Solid, But There Are Few Signs Of Cyclical Rebound

USA | Chemicals

Eastman Chemical EquityJulyResearch1, 2026

TARGET | ESTIMATE CHANGENear Term Likely Solid, But There Are Few Signs

RATING BUYOf Cyclical Rebound

PRICE $66.98^

The demand environment remains stable, with few signs of underlying

deterioration despite the volatile macro environment. Given tightening credit PRICE TARGET | % TO PT $85.00 ($89.00) | +27%

outlook, however, demand from the cyclical end markets likely will remain 52W HIGH-LOW $83.47 - $56.11

subdued into 2027, while staples such as personal care, ag, and medical likely FLOAT (%) | ADV MM (USD) 98.4% | 82.32

deliver 1-3% growth. We adjust our estimates to account for a better than MARKET CAP $7.7B

expected Q2, but also the likely delay in the macro rebound in the cyclical end TICKER EMN ^Prior trading day's closing price unless otherwise

markets. noted.

Q2 Likely Intact: The near-term demand environment is stable, but fragile. Order trends suggest FY (Dec) CHANGE TO JEFe JEF vs CONS

a seasonal uptick in Q2 and likely into at least the beginning of Q3 despite the choppy macro 2026 2027 2026 2027

environment. ~50% of demand comes from autos, construction, and consumer durable, where REV NM -1% +2% +1%

conditions are subdued but not deteriorating. Auto demand has softened modestly, with global

EPS <-1% -4% -8% -10%

builds tracking down 1-3%, while housing-related demand remains constrained by elevated interest

rates and affordability pressures. Positively, sequential improvement from late 2025 destocking

2026 ($) Q1A Q2 Q3 Q4 FY

likely will support a seasonal recovery and order books remain solid through mid-year. Sales in

EPS 1.09 1.81 1.77 1.18 5.85