UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Dow Chemical Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on Dow Chemical Company DOW, and raised its price target from $29.00 to $34.00. Jefferies noted, “With NGL prices falling faster than expected, we are raising 2013E EPS $0.15 to $2.35 based on $0.33/gal ethane and $0.95/gal propane. Falling feedstock costs should insulate Dow to some extent from weaker demand prospects in 1H13 (EU deceleration, increasing consumer risk aversion in the US, destocking in Latin America). Our price target rises $5 to $34. Maintain Hold.” Dow Chemical Company closed on Thursday at $33.15.