Dow Inc. price target lowered to $53 from $57 at Deutsche Bank

Deutsche Bank analyst David Begleiter lowered the firm’s price target on Dow Inc. to $53 from $57 and keeps a Hold rating on the shares after the company announced that it expects Q3 EBITDA to be roughly $1.3B, or 13% below its expectation provided at the July earnings call of roughly $1.5B and 15% below consensus of $1.53B. Dow also lowered its Q3 sales guidance by 5% to about $10.6B, notes the analyst, who lowered the firm’s FY24 EBITDA view by $281M, or 5%, to $5.6B.