Dow Inc. price target lowered to $44 from $47 at BofA

BofA lowered the firm’s price target on Dow Inc. (DOW) to $44 from $47 and keeps a Buy rating on the shares. Despite a better-than-expected Q4 performance, Dow’s Q1 guidance “highlights that demand conditions remain poor,” says the analyst, who adds that elevated feedstock costs are “an additional, and more recent, headwind.” While lowering estimates “once again,” the analyst continues to view Dow as “the best way to play an industrial recovery” given its earnings leverage to macro conditions in addition to its “safe” 7% dividend yield.