Dow Inc. downgraded to Underperform from Neutral at BofA

BofA downgraded Dow Inc. (DOW) to Underperform from Neutral with a price target of $35, up from $31. The firm is downgrading a trio of petrochemical stocks following strong year-to-date share price performance driven by what it believes to be “unsustainable market tailwinds,” the analyst tells investors. While not saying there are no lasting tailwinds from the war, and modeling a higher-for-longer crude forecast as regional instability drives up pricing, but the firm says these levels would still imply material weakness in petrochemical prices off a likely Q2 peak.