Jefferies analysts increased their price target for Eastman Chemical (NYSE:EMN) to $102 from $91, while keeping their Hold rating. The analysts observe that while destocking activities have mostly concluded, there are minimal indications of a restocking cycle beginning, and they anticipate the overall market environment to remain relatively stable in 2024.

The spreads in Chemical Intermediates presented challenges in the first quarter but saw improvements in March. Additionally, the Kingsport methanolysis facility is progressing as planned, expected to contribute an additional $75 million in EBITDA for 2024. Furthermore, Eastman Chemical has received a Department of Energy grant to support the construction of a second facility in Texas.