Goldman Sachs Upgrades Dow Chemical (DOW) to Buy, Sees Significant EPS Growth Off Lower Estimates
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Price: $35.61 -0.59%
Rating Summary:
4 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 41 | New: 13
Rating Summary:
4 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 41 | New: 13
Trade DOW Now!
Goldman Sachs upgraded Dow Chemical (NYSE: DOW) from Neutral to Buy with a price target of $36.00 (from $32.00).
"We are upgrading DOW to Buy after its shares (+6% YTD) have lagged ethylene peers WLK (+98%) and LYB (+66%) as well as the overall sector (+16%) and the S&P500 (+10%)," the analyst comments. "We believe the 2012 underperformance was due to deterioration in trends at DOW's coatings, electronics, materials, and non-US ethylene businesses. It appears this weakness is now reflected in consensus 2012 EPS estimates, which YTD have fallen 34%. With the bad news now generally accepted we see potential for significant EPS growth in 2013-14 off of the lowered 2012 consensus estimate."
For an analyst ratings summary and ratings history on Dow Chemical click here. For more ratings news on Dow Chemical click here.
Shares of Dow Chemical closed at $28.79 yesterday, with a 52 week range of $24.42-$36.08.
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"We are upgrading DOW to Buy after its shares (+6% YTD) have lagged ethylene peers WLK (+98%) and LYB (+66%) as well as the overall sector (+16%) and the S&P500 (+10%)," the analyst comments. "We believe the 2012 underperformance was due to deterioration in trends at DOW's coatings, electronics, materials, and non-US ethylene businesses. It appears this weakness is now reflected in consensus 2012 EPS estimates, which YTD have fallen 34%. With the bad news now generally accepted we see potential for significant EPS growth in 2013-14 off of the lowered 2012 consensus estimate."
For an analyst ratings summary and ratings history on Dow Chemical click here. For more ratings news on Dow Chemical click here.
Shares of Dow Chemical closed at $28.79 yesterday, with a 52 week range of $24.42-$36.08.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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