Dow downgraded to Neutral on valuation at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Dow Inc. to Neutral from Overweight with an unchanged price target of $55. The analyst cites valuation for the downgrade with the shares reaching the price target. The firm thinks the current share price reflects future EBITDA of about $8B, which would reflect a 6.5-times multiple of EBITDA.