UPDATE: Jefferies Lowers PT on Dow Chemical from $33 to $29

Jefferies maintained a Hold rating on Dow Chemical

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.