Wells Fargo Upgrades Dow Chemical (DOW) to Outperform
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Rating Summary:
7 Buy, 20 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Wells Fargo upgraded Dow Chemical (NYSE: DOW) from Market Perform to Outperform with a price target of $54-$56 (from $48-$52).
Analyst Frank J. Mitsch said, "After visiting with senior leaders at HQ in Midland, MI, we are raising our estimates for 2014 (net of $0.06 per share impact from Q2 cracker outages) from $2.75 to $2.85. For 2015, putting more weight in contributions from PDH and Sadara leads us to raise our outlook from $3.20 to $3.50. Given our more-constructive outlook on DOW’s earnings, the lag in stock appreciation relative to peers, and a more-favorable valuation on our estimates, we are upgrading from Market Perform to Outperform. Our valuation range goes to $54-56 from $48-52, reflecting roughly a 7.5x EV/EBITDA multiple on our 2015 outlook."
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 $49.34 yesterday.
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