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Dow Shares Slammed on Downgrade at Credit Suisse on Overearning Concerns

By Sam Boughedda Credit Suisse analyst John Roberts downgraded Dow Inc (NYSE:DOW) to Underperform from Neutral, Wednesday, reducing the firm's price target on the stock to $49 from...
Dow Shares Slammed on Downgrade at Credit Suisse on Overearning Concerns Dow (DOW) Shares Slammed on Downgrade at Credit Suisse on Overearning Concerns

By Sam Boughedda

Credit Suisse analyst John Roberts downgraded Dow Inc (NYSE:DOW) to Underperform from Neutral, Wednesday, reducing the firm's price target on the stock to $49 from $67. The rating action has sent shares down 6% in mid-day trading.

The analyst cited concerns that US basic chemical producers are overearning, just as there appears to be a consumer shift away from goods to services.

"The pandemic was the first recession where polyethylene demand went up. Until recently, consumers appeared to be overspending on goods relative to services. The past several quarters also benefitted from industry capacity additions delayed by the pandemic, and weather & China curtailments of operations," said Roberts. "We believe these factors could be reversing. And channel inventories downstream from Dow are not well tracked, but that could also present a risk as supply chains normalize."

Roberts added that the firm's 2023-2024 estimates reflect consultant/consensus views of a continued wide US gas liquids advantage vs. overseas oil-based operations. However, they believe that should be discounted more given uncertainty on how oil & gas prices will respond to a slowdown.

The analyst acknowledged that the key risks to the downside view are stronger demand growth and higher oil prices that would benefit Dow's commodity businesses.

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30-06-2022 05:49:47 (UTC+7)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2125

0.0000 (0.00%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (4)

USD/JPY

136.60

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

AUD/USD

0.6882

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2892

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

EUR/JPY

142.66

+0.09 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9973

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (3)

Gold Futures

1,819.00

+1.50 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (5)

Silver Futures

20.733

-0.139 (-0.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Copper Futures

3.7758

+0.0041 (+0.11%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

109.59

+0.06 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (2)

Brent Oil Futures

112.25

-1.55 (-1.36%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Natural Gas Futures

6.435

+0.011 (+0.17%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (1)

US Coffee C Futures

228.05

+10.30 (+4.73%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,818.83

-2.72 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

DAX

13,003.35

-228.47 (-1.73%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

FTSE 100

7,312.32

-11.09 (-0.15%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (4)

Hang Seng

21,996.89

-422.08 (-1.88%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (4)

US Small Cap 2000

1,713.32

-25.52 (-1.47%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

IBEX 35

8,188.00

-129.50 (-1.56%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

41.580

-1.445 (-3.36%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Bayer AG NA

57.62

-2.61 (-4.33%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (8)

Sell (1)

Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (4)

Adidas AG

170.02

-0.30 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

Deutsche Lufthansa AG

5.813

-0.222 (-3.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Siemens AG Class N

101.40

-2.74 (-2.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.0445↑ Buy
 GBP/USD1.2125Buy
 USD/JPY136.60↑ Buy
 AUD/USD0.6882↑ Buy
 USD/CAD1.2892↑ Sell
 EUR/JPY142.66↑ Buy
 EUR/CHF0.9973Neutral
 Gold1,819.00↑ Sell
 Silver20.733↑ Sell
 Copper3.7758Sell
 Crude Oil WTI109.59Neutral
 Brent Oil112.25↑ Buy
 Natural Gas6.435Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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Cập nhật 30-06-2022 05:49:50
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RON 95-V33.47034.130
RON 95-III32.87033.520
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Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
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KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
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