Dow Inc. price target lowered to $27 from $28 at BofA

BofA analyst Steve Byrne lowered the firm’s price target on Dow Inc. (DOW) to $27 from $28 and keeps an Underperform rating on the shares. Intensifying earnings headwinds more than offset a reduced dividend risk, argues the analyst, who contends that 2025 EBITDA estimates are “moving even lower, while the significant capex reduction is barely offsetting the lower operating cash flow.” The “silver linings” are that the delay of the Alberta project is reducing the free cash flow drain, and together with the NOVA judgement the dividend now looks secure through 2026, the analyst added.