Wells Fargo raises PT on US chemical firms

Eastman Chemical Co

15/10/2024 12:01

** Wells Fargo raises price target on chemical companies
Avient Corp  AVNT.N , Eastman Chemical Company  EMN.N  and
Sherwin-Williams  SHW.N  
    ** Says that it remains positive on the chemicals sector as
odds of a macro recovery over the next 12 months appear improved
given U.S. Fed rate cuts and China stimulus; expects earnings
growth to emerge as volumes recover in 2025
    ** Wells Fargo says that "we see commodity chemicals as the
group which tends to outperform in the early stage of a
recovery, with oil prices still firm and lower interest rates
providing a needed tailwind"
    Brokerage raises PT on the following firms:
 Company                   New PT  Old PT  Rating
 Avient Corp  AVNT.N       $55     $52     Overweight
 Eastman Chemical Co       $118    $105    Equal weight
  EMN.N                                    
 Sherwin-Williams Co       $400    $350    Equal weight
  SHW.N                                    
 


 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))