Eastman Chemical (EMN -3.7%) is downgraded to Hold from Buy at Gilford Securities based on...

|About: Eastman Chemical Co. (EMN)|By:, SA News Editor

Eastman Chemical (EMN -3.7%) is downgraded to Hold from Buy at Gilford Securities based on valuation and a belief that the Solutia acquisition was expensive. The firm thinks 10x EBITDA is a full price for a business that has been put through a cost-cutting wringer, making $100M in cost synergies by year-end 2013 look ambitious, and that gets most of its earnings from one product.