Jefferies maintained a Hold rating on Dow Chemical DOW and decreased its price target from $33 to $29.
Jefferies remarked, “We are trimming 2012E $0.55 to $1.85 to better reflect potential headwinds from decelerating end markets, weaker EU margins, and additional inventory swings into year-end, and 2013E $0.30 to $2.40 to reflect a more sluggish recovery coupled with productivity efforts. We reiterate our Hold rating and lower our 12-month target $4 to $29, 6x 2013E EBITDA.”
Dow Chemical closed at $29.18 on Thursday.
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