Gilford Securities Maintains Hold on Dow Chemical

Gilford Securities has published a research report on Dow Chemical

stating that the firm might upgrade its rating on the company should the debt reduction strategy become stronger. In the report, Gilford Securities writes, "So far through 9 months of 2011, net debt and preferred has actually risen, from $20.8 bn to $21.4 bn, although it is down from $24.3 bn in 18 months. So we would like to see this number drop faster than $2 bn a year, especially when earnings are as strong as they have been. A second positive would be successful launch and greater visibility on the impressive new product pipeline. Innovation in electronics would include organic light-emitting diode for tablets and TV's; advanced semiconductor packaging; 193 nm photoresists; and CMP slurry pads. In agriculture, it includes Enlist glyphosate and 2, 4-D herbicide tolerance system for corn (2012-13) and soybeans (2014-15). Elsewhere, EVOQUE 2 for reducing TiO2 need by 20% for paint companies in the non-premium market, and POWERHOUSE solar shingles." Gilford Securities maintains its Hold rating and $31 price target on Dow Chemical, which is currently trading up $0.52 from yesterday's $30.98 closing price.