UPDATE: J.P. Morgan Raises PT on Dow Chemical to $32

J.P. Morgan is out with its report today on Dow Chemical

, raising its PT from $30 to $32. In its report, J.P. Morgan writes, "We raised our December 2012 price target for Dow Chemical shares from $30 to $32 to reflect a somewhat higher valuation in the context of Dow's 7.9% free cash flow yield and excellent long-term earnings improvement potential." J.P. Morgan maintains Overweight on DOW. Shares of DOW closed Thursday at $29.22, up 8.66% from Wednesday's close.