UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Dow Chemical Co. Following Investor Meeting

In a report published Friday, Deutsche Bank analyst David Begleiter reiterated a Buy rating on

, and raised the price target from $58.00 to $60.00. In the report, Deutsche Bank noted, “Dow's investor meeting met expectations with the announcement of a $5B share repurchase program (8.5% of ITS market cap), a 14% increase in the dividend, the raising of its divestiture target by $2.5B to $7.0-$8.5B (by y/e '16) and an increase in the EBITDA contribution from its USGC projects by $500MM, or 20%, to $2.95B (along with the full capital cost of the projects: $6.4B). With Q4 tracking well (likely 9th straight quarter of EPS growth), 3 key projects on track for '15 start-up (propane-to-propylene in Freeport, ethane flexibility in Louisiana) and Sadara (Saudi petchem JV), 11%-plus of its shares being repurchased in '14-'15 and valuation an attractive 13.0x ‘16E EPS, Buy.” Dow Chemical Co. closed on Thursday at $49.96.